Uniti Group Inc. $UNIT Stock Holdings Cut by Arena Capital Advisors LLC CA

Key Points

• Arena Capital Advisors cut its Uniti Group stake by 12.8% in the first quarter, selling 150,000 shares and leaving it with 1,022,703 shares worth about $9.6 million.
• Uniti Group recently reported quarterly earnings of -$0.34 per share, slightly better than estimates, while revenue of $987.5 million came in above forecasts and jumped 236% year over year.
• Wall Street remains cautious on the stock: the consensus rating is Hold, though several firms have raised price targets, including TD Cowen to $12 and Barclays to $13.

Arena Capital Advisors LLC CA lowered its stake in Uniti Group Inc. (NASDAQ:UNIT - Free Report) by 12.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,022,703 shares of the real estate investment trust's stock after selling 150,000 shares during the quarter. Uniti Group comprises about 4.8% of Arena Capital Advisors LLC CA's portfolio, making the stock its 8th biggest holding. Arena Capital Advisors LLC CA owned about 0.42% of Uniti Group worth $9,593,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of the stock. SG Americas Securities LLC raised its stake 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 acquiring an additional 952,050 shares in the last quarter. Vanguard Group Inc. grew its stake in Uniti Group by 38.9% during the 4th quarter. Vanguard Group Inc. now owns 23,202,733 shares of the real estate investment trust's stock worth $162,651,000 after purchasing an additional 6,494,001 shares in the last quarter. Mizuho Markets Americas LLC increased its holdings in Uniti Group by 38.2% during the 4th quarter. Mizuho Markets Americas LLC now owns 398,246 shares of the real estate investment trust's stock worth $2,792,000 after purchasing an additional 110,000 shares during the period. UBS Group AG increased its holdings in Uniti Group by 12.1% during the 4th quarter. UBS Group AG now owns 695,743 shares of the real estate investment trust's stock worth $4,877,000 after purchasing an additional 75,356 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new stake in Uniti Group in the 1st quarter valued at about $746,000. Hedge funds and other institutional investors own 87.51% of the company's stock.

Uniti Group Price Performance

Shares of NASDAQ:UNIT opened at $11.01 on Wednesday. Uniti Group Inc. has a 12 month low of $5.30 and a 12 month high of $12.94. The firm has a market capitalization of $2.67 billion, a P/E ratio of 3.29 and a beta of 1.40. The company's fifty day moving average price is $11.33 and its 200 day moving average price is $9.57.

Uniti Group (NASDAQ:UNIT - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The real estate investment trust reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.01. The company had revenue of $987.50 million during the quarter, compared to analyst estimates of $930.08 million. The business's revenue was up 236.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS. On average, sell-side analysts anticipate that Uniti Group Inc. will post -1.56 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on UNIT shares. Zacks Research upgraded shares of Uniti Group from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. Royal Bank Of Canada lifted their price target on shares of Uniti Group from $6.50 to $7.50 and gave the stock a "sector perform" rating in a research note on Monday, April 13th. Weiss Ratings upgraded shares of Uniti Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 22nd. TD Cowen increased their price objective on shares of Uniti Group from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, May 12th. Finally, Barclays raised their price objective on shares of Uniti Group from $11.00 to $13.00 and gave the company an "equal weight" rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $11.14.

Uniti Group Profile

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.

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