Uniti Group (NASDAQ:UNIT) Sets New 12-Month Low - Here's What Happened

Key Points

• Uniti Group shares hit a new 52-week low of $5.44, closing near $5.44 after previously ending at $5.60. The stock’s 50-day and 200-day moving averages stood at $9.07 and $10.37, respectively.
• Analyst sentiment remains cautious: the consensus rating is “Hold”, with an average price target of $11.47. Price targets ranged from $11 to $16, while JPMorgan and TD Cowen both recently lowered their targets to $11.
• The REIT missed quarterly earnings expectations, reporting a loss of $0.68 per share versus the forecasted loss of $0.45, although revenue of $909.7 million exceeded estimates. Institutional investors own 87.51% of the company’s stock.

Uniti Group Inc. (NASDAQ:UNIT - Get Free Report) hit a new 52-week low during trading on Monday. The company traded as low as $5.44 and last traded at $5.4350, with a volume of 1,697,632 shares trading hands. The stock had previously closed at $5.60.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on UNIT shares. Weiss Ratings lowered Uniti Group from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday. JPMorgan Chase & Co. reduced their price target on Uniti Group from $12.00 to $11.00 and set a "neutral" rating for the company in a report on Friday, July 31st. TD Cowen lowered their price target on Uniti Group from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Raymond James Financial set a $16.00 price objective on Uniti Group and gave the stock a "strong-buy" rating in a report on Tuesday, September 29th. Finally, Barclays increased their price objective on Uniti Group from $11.00 to $13.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Uniti Group currently has a consensus rating of "Hold" and an average price target of $11.47.

Uniti Group Price Performance

The company has a fifty day simple moving average of $9.07 and a two-hundred day simple moving average of $10.37. The company has a market capitalization of $1.32 billion, a P/E ratio of 2.01 and a beta of 1.42.

Uniti Group (NASDAQ:UNIT - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported ($0.68) earnings per share for the quarter, missing analysts' consensus estimates of ($0.45) by ($0.23). The company had revenue of $909.70 million during the quarter, compared to analyst estimates of $884.82 million. Uniti Group had a negative return on equity of 133.07% and a net margin of 28.68%. Equities analysts anticipate that Uniti Group Inc. will post -2.01 earnings per share for the current year.

Institutional Investors Weigh In On Uniti Group

A number of large investors have recently added to or reduced their stakes in UNIT. Vontobel Holding Ltd. bought a new position in Uniti Group in the 3rd quarter worth $87,000. Fortitude Family Office LLC boosted its holdings in Uniti Group by 7,156.7% during the third quarter. Fortitude Family Office LLC now owns 4,354 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 4,294 shares during the period. Farther Finance Advisors LLC grew its position in shares of Uniti Group by 1,579.8% in the third quarter. Farther Finance Advisors LLC now owns 8,802 shares of the real estate investment trust's stock valued at $74,000 after purchasing an additional 8,278 shares during the last quarter. Corient Private Wealth LP acquired a new stake in shares of Uniti Group in the second quarter valued at about $178,000. Finally, BTG Pactual Asset Management US LLC acquired a new stake in shares of Uniti Group in the second quarter valued at about $1,583,000. Institutional investors own 87.51% of the company's stock.

Uniti Group Company Profile

Uniti Group Inc is a communications infrastructure company that owns, operates and leases fiber-optic networks, wireless infrastructure and other telecommunications real estate. Its assets support broadband providers, wireless carriers, enterprises, government organizations and other communications customers.

The company's services and infrastructure include dark-fiber leasing, lit fiber transport, network backhaul, fiber-to-the-tower connections, small-cell infrastructure, wireless towers and related colocation or real estate arrangements.

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