Unite Group (LON:UTG) Shares Down 8.8% - Here's Why

Key Points

• Unite Group PLC shares fell by 8.8% to close at GBX 644 ($8.65), significantly lower than the previous close of GBX 706.50 ($9.49), with trading volume dropping by 48% from the average.
• Despite the recent decline, Citigroup maintains a "buy" rating for Unite Group and has set a target price of GBX 1,205, reflecting a positive outlook among analysts.
• Insider Joe Lister purchased 11,389 shares at GBX 690 per share, indicating confidence in the company amidst its stock price drop.

Unite Group PLC (LON:UTG - Get Free Report) shares dropped 8.8% on Wednesday . The company traded as low as GBX 643.50 ($8.64) and last traded at GBX 644 ($8.65). Approximately 1,310,442 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 2,529,865 shares. The stock had previously closed at GBX 706.50 ($9.49).

Wall Street Analysts Forecast Growth

Separately, Citigroup reissued a "buy" rating and set a GBX 1,205 target price on shares of Unite Group in a research note on Friday, August 15th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of GBX 1,205.

Unite Group Stock Down 9.4%

The firm has a market cap of £3.13 billion, a PE ratio of 919.54, a PEG ratio of 3.20 and a beta of 1.24. The business's 50 day moving average price is GBX 720.30 and its 200 day moving average price is GBX 792.78. The company has a debt-to-equity ratio of 38.76, a current ratio of 1.58 and a quick ratio of 0.73.

Unite Group (LON:UTG - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported GBX 38 EPS for the quarter. Unite Group had a net margin of 79.68% and a return on equity of 6.45%. On average, equities research analysts expect that Unite Group PLC will post 47.9341004 earnings per share for the current year.

Insider Buying and Selling at Unite Group

In related news, insider Joe Lister purchased 11,389 shares of the company's stock in a transaction dated Thursday, September 4th. The stock was acquired at an average cost of GBX 690 per share, for a total transaction of £78,584.10. 0.83% of the stock is currently owned by corporate insiders.

About Unite Group

Unite Students is the UK's largest owner, manager and developer of purpose-built student accommodation, serving the country's world-leading Higher Education sector. We provide homes to 70,000 students across 157 properties in 23 leading university towns and cities. We currently partner with over 60 universities across the UK.

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