Cubist Systematic Strategies LLC Sells 63,110 Shares of Uniti Group Inc. $UNIT

Key Points

• Cubist Systematic Strategies LLC reduced its position in Uniti Group Inc. by 14.1%, selling 63,110 shares and now owning 383,694 shares, valued at approximately $1.93 million.
• Uniti Group Inc. recently missed earnings estimates with $0.36 earnings per share against a predicted $0.42, while its revenue of $300.73 million also fell short of expectations.
• Wells Fargo raised its price target for Uniti Group to $7.50, while other analysts varied in their ratings, leading to a consensus rating of "Moderate Buy" with a price target of $6.70.

Cubist Systematic Strategies LLC lessened its stake in Uniti Group Inc. (NASDAQ:UNIT - Free Report) by 14.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 383,694 shares of the real estate investment trust's stock after selling 63,110 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.16% of Uniti Group worth $1,934,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of UNIT. Price T Rowe Associates Inc. MD lifted its holdings in shares of Uniti Group by 9.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 179,845 shares of the real estate investment trust's stock worth $990,000 after buying an additional 15,828 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Uniti Group by 12.0% in the fourth quarter. Northern Trust Corp now owns 2,748,895 shares of the real estate investment trust's stock worth $15,119,000 after buying an additional 295,104 shares in the last quarter. King Street Capital Management L.P. lifted its holdings in shares of Uniti Group by 66.7% in the fourth quarter. King Street Capital Management L.P. now owns 2,600,000 shares of the real estate investment trust's stock worth $14,300,000 after buying an additional 1,040,000 shares in the last quarter. Invenomic Capital Management LP purchased a new position in shares of Uniti Group in the fourth quarter worth $3,184,000. Finally, LMR Partners LLP purchased a new position in shares of Uniti Group in the fourth quarter worth $4,230,000. Hedge funds and other institutional investors own 87.51% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on UNIT. Citigroup reissued a "neutral" rating and issued a $5.30 target price on shares of Uniti Group in a report on Friday, May 16th. Wall Street Zen downgraded shares of Uniti Group from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Finally, Wells Fargo & Company boosted their target price on shares of Uniti Group from $4.50 to $7.50 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $6.70.

Uniti Group Price Performance

Shares of UNIT traded down $0.29 during midday trading on Wednesday, hitting $6.85. The stock had a trading volume of 4,373,465 shares, compared to its average volume of 1,456,238. Uniti Group Inc. has a 1 year low of $5.68 and a 1 year high of $12.62. The firm has a market cap of $1.01 billion, a PE ratio of 24.90 and a beta of 1.50. The stock's 50 day moving average is $5.82 and its 200 day moving average is $5.08.

Uniti Group (NASDAQ:UNIT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The real estate investment trust reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). Uniti Group had a net margin of 2.96% and a negative return on equity of 1.43%. The firm had revenue of $300.73 million during the quarter, compared to analysts' expectations of $304.06 million. During the same period in the prior year, the company posted $0.34 EPS. The company's revenue was up 2.0% compared to the same quarter last year. Uniti Group has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Uniti Group Inc. will post 1.28 earnings per share for the current fiscal year.

Uniti Group Company Profile

Uniti Group, Inc is a real estate investment trust company, which engages in the acquisition, construction, and leasing of properties. It operates through the following business segments: Uniti Leasing, Uniti Fiber, and Corporate. The Uniti Leasing segment involves mission-critical communications assets on exclusive or shared-tenant basis, and dark fiber network.