Uniti Group (NASDAQ:UNIT) Stock Crosses Below Fifty Day Moving Average - Here's What Happened

Key Points

• Uniti Group shares fell below their 50-day moving average, trading as low as $7.29 and closing at $7.40, compared with a 50-day average of $9.48.
• Analyst sentiment remains cautious: the stock has an overall “Hold” consensus, with a consensus price target of $11.47, despite ratings ranging from Strong Buy to Hold.
• The company’s latest quarterly results missed expectations on earnings, reporting a loss of $0.68 per share versus the $0.45 consensus estimate, although revenue exceeded forecasts at $909.7 million.

Shares of Uniti Group Inc. (NASDAQ:UNIT - Get Free Report) crossed below its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $9.48 and traded as low as $7.29. Uniti Group shares last traded at $7.40, with a volume of 3,002,302 shares.

Analyst Upgrades and Downgrades

UNIT has been the topic of several recent research reports. Barclays raised their price target on 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 dropped their price objective on Uniti Group from $12.00 to $11.00 and set a "buy" rating for the company in a report on Friday, July 31st. Weiss Ratings restated a "hold (c+)" rating on shares of Uniti Group in a research report on Wednesday, August 19th. Raymond James Financial set a $16.00 target price on shares of Uniti Group and gave the company a "strong-buy" rating in a research note on Tuesday, September 29th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Uniti Group from $12.00 to $11.00 and set a "neutral" 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 issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $11.47.

Uniti Group Stock Down 5.6%

The business has a fifty day moving average of $9.48 and a 200 day moving average of $10.44. The firm has a market cap of $1.80 billion, a P/E ratio of 2.73 and a beta of 1.42.

Uniti Group (NASDAQ:UNIT - Get Free Report) last posted its earnings results on Thursday, July 30th. The real estate investment trust reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($0.23). The company had revenue of $909.70 million for 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%. On average, sell-side analysts expect that Uniti Group Inc. will post -2.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UNIT. KBC Group NV bought a new position in shares of Uniti Group during the 1st quarter valued at about $43,000. Hilton Head Capital Partners LLC acquired a new stake in shares of Uniti Group during the fourth quarter worth $40,000. Public Employees Retirement System of Ohio bought a new stake in Uniti Group in the 2nd quarter valued at $95,000. Farther Finance Advisors LLC lifted its position in Uniti Group by 1,579.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,802 shares of the real estate investment trust's stock valued at $74,000 after acquiring an additional 8,278 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Uniti Group in the 1st quarter worth $100,000. 87.51% of the stock is currently owned by institutional investors.

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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