Uniti Group (NASDAQ:UNIT) Shares Gap Up - Here's Why

Key Points

• Uniti Group shares gapped higher, opening at $5.25 versus a previous close of $5.07, before last trading at $4.935 on 69,148 shares of volume.
• Analysts maintain a consensus “Hold” rating, with an average price target of $11.47; targets range from $11 to $16.
• The company’s latest quarterly results missed earnings estimates, reporting a loss of $0.68 per share versus the expected loss of $0.45, although revenue of $909.7 million exceeded forecasts.

Uniti Group Inc. (NASDAQ:UNIT - Get Free Report) shares gapped up prior to trading on Monday. The stock had previously closed at $5.07, but opened at $5.25. Uniti Group shares last traded at $4.9350, with a volume of 69,148 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Weiss Ratings cut shares of Uniti Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, October 14th. JPMorgan Chase & Co. lowered their target price 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. Barclays upped their target price 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. TD Cowen cut their price target on shares of Uniti Group from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Finally, 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 note on Tuesday, September 29th. 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 company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $11.47.

Uniti Group Price Performance

The business's 50-day moving average price is $8.64 and its 200-day moving average price is $10.20. The firm has a market capitalization of $1.22 billion, a PE ratio of 1.85 and a beta of 1.42.

Uniti Group (NASDAQ:UNIT - Get Free Report) last issued 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). Uniti Group had a negative return on equity of 133.07% and a net margin of 28.68%. The business had revenue of $909.70 million for the quarter, compared to analyst estimates of $884.82 million. Equities analysts forecast that Uniti Group Inc. will post -2.01 earnings per share for the current year.

Institutional Trading of Uniti Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new position in Uniti Group during the second quarter worth about $15,701,000. Principal Financial Group Inc. increased its position in shares of Uniti Group by 2.0% in the first quarter. Principal Financial Group Inc. now owns 870,891 shares of the real estate investment trust's stock valued at $8,169,000 after buying an additional 16,971 shares in the last quarter. Pinnacle Associates Ltd. increased its holdings in Uniti Group by 4.2% during the 3rd quarter. Pinnacle Associates Ltd. now owns 712,211 shares of the real estate investment trust's stock valued at $5,968,000 after acquiring an additional 28,411 shares in the last quarter. Mizuho Markets Americas LLC increased its stake in shares of Uniti Group by 26.9% during 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 in the last quarter. Finally, First Trust Advisors LP purchased a new position in Uniti Group during the first quarter worth $4,203,000. 87.51% of the stock is owned by institutional investors and hedge funds.

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.