Uniti Group (NASDAQ:UNIT) Sets New 52-Week Low - Here's What Happened

Key Points

• Uniti Group shares hit a new 52-week low, falling 2.9% to $4.82 during intraday trading, well below its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed but generally cautious: the stock has an average “Hold” rating and an average price target of $11.47, despite targets ranging from $11 to $16.
• The company missed quarterly earnings expectations, reporting a loss of $0.68 per share versus the projected $0.45 loss, although revenue of $909.7 million exceeded estimates. Institutional investors own 87.51% of the stock.

Shares of Uniti Group Inc. (NASDAQ:UNIT - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $4.82 and last traded at $4.8850, with a volume of 1,387,236 shares. The stock had previously closed at $5.08.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Uniti Group from $12.00 to $11.00 and set a "neutral" rating for the company in a report on Friday, July 31st. Weiss Ratings lowered shares of Uniti Group from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, October 14th. Raymond James Financial set a $16.00 price target on shares of Uniti Group and gave the stock a "strong-buy" rating in a research report on Tuesday, September 29th. Barclays boosted their price objective on shares of Uniti Group from $11.00 to $13.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 1st. Finally, TD Cowen cut their price objective on shares of Uniti Group from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $11.47.

Uniti Group Stock Down 2.9%

The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 1.83 and a beta of 1.42. The company's 50-day moving average is $8.44 and its 200-day moving average is $9.48.

Uniti Group (NASDAQ:UNIT - Get Free Report) last released its quarterly earnings data 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). Uniti Group had a net margin of 28.68% and a negative return on equity of 133.07%. The company had revenue of $909.70 million for the quarter, compared to analyst estimates of $884.82 million. On average, research analysts forecast 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 hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new position in Uniti Group in the 2nd quarter valued at $15,701,000. Principal Financial Group Inc. lifted its holdings in shares of Uniti Group by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 870,891 shares of the real estate investment trust's stock valued at $8,169,000 after purchasing an additional 16,971 shares in the last quarter. Pinnacle Associates Ltd. boosted its holdings in shares of Uniti Group by 4.2% in the third quarter. Pinnacle Associates Ltd. now owns 712,211 shares of the real estate investment trust's stock valued at $5,968,000 after buying an additional 28,411 shares during the period. Mizuho Markets Americas LLC boosted its stake in Uniti Group by 26.9% in the 1st quarter. Mizuho Markets Americas LLC now owns 505,246 shares of the real estate investment trust's stock worth $4,739,000 after purchasing an additional 107,000 shares during the period. Finally, First Trust Advisors LP bought a new position in shares of Uniti Group during the first quarter worth about $4,203,000. 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 acquires critical network assets used by telecommunications providers and other customers. Its portfolio primarily includes fiber-optic networks, wireless towers, small-cell infrastructure and related real estate. Uniti generally leases this infrastructure to communications companies under long-term agreements.

The company's fiber network supports services such as broadband, data transmission, wireless backhaul and enterprise connectivity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.