Uniti Group Inc. (NASDAQ:UNIT – Get Free Report)’s share price dropped 5.4% on Wednesday . The stock traded as low as $11.77 and last traded at $11.63. 980,120 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 2,277,541 shares. The stock had previously closed at $12.30.
Wall Street Analysts Forecast Growth
UNIT has been the subject of several research reports. Royal Bank Of Canada raised their target price on Uniti Group from $6.50 to $7.50 and gave the company a “sector perform” rating in a research note on Monday, April 13th. Wall Street Zen cut shares of Uniti Group from a “hold” rating to a “sell” rating in a research report on Sunday, March 1st. Barclays upped their price target on shares of Uniti Group from $8.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Williams Trading set a $12.00 price objective on shares of Uniti Group in a research report on Tuesday, May 12th. Finally, Wells Fargo & Company lifted their price objective on shares of Uniti Group from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Uniti Group presently has an average rating of “Hold” and an average price target of $10.92.
View Our Latest Report on UNIT
Uniti Group Trading Down 0.4%
Uniti Group (NASDAQ:UNIT – Get Free Report) last issued its earnings results on Monday, May 11th. The real estate investment trust reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.01. The business had revenue of $987.50 million for the quarter, compared to analysts’ expectations of $930.08 million. Uniti Group had a negative return on equity of 2.52% and a net margin of 39.61%.The company’s quarterly revenue was up 236.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.35 EPS. On average, analysts anticipate that Uniti Group Inc. will post -1.56 earnings per share for the current year.
Institutional Trading of Uniti Group
A number of hedge funds have recently bought and sold shares of UNIT. Contrarian Capital Management L.L.C. acquired a new position in Uniti Group in the 3rd quarter worth approximately $2,783,000. SG Americas Securities LLC lifted its holdings in shares of Uniti Group by 2,208.3% in the fourth quarter. SG Americas Securities LLC now owns 995,163 shares of the real estate investment trust’s stock valued at $6,976,000 after purchasing an additional 952,050 shares in the last quarter. Thematics Asset Management acquired a new stake in shares of Uniti Group in the third quarter worth $3,900,000. TD Asset Management Inc purchased a new position in shares of Uniti Group during the third quarter valued at $1,532,000. Finally, Vanguard Group Inc. raised its position in Uniti Group by 38.9% during the fourth quarter. Vanguard Group Inc. now owns 23,202,733 shares of the real estate investment trust’s stock valued at $162,651,000 after buying an additional 6,494,001 shares during the period. 87.51% of the stock is owned by hedge funds and other institutional investors.
About Uniti Group
Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company’s assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.
Uniti’s portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.
Read More
- Five stocks we like better than Uniti Group
- VMware: Broadcom’s Second Biggest Business Set to Accelerate
- Buyback Capacity Is Rising Across 3 Soaring and Sinking Stocks
- How to Invest in the Biggest European Defense Surge in Decades
- The Netflix-Lionsgate Rumor Exposed a Bigger Shift in Media M&A
Receive News & Ratings for Uniti Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Uniti Group and related companies with MarketBeat.com's FREE daily email newsletter.
