Uniti Group (NASDAQ:UNIT) Stock Rating Lowered by Wall Street Zen

Key Points

• Uniti Group has been downgraded from a "hold" rating to a "sell" rating by Wall Street Zen amidst other mixed reviews from brokerages, with an average price target now set at $6.70.
• Following the downgrade, Uniti Group shares fell 9.4%, trading at $6.35, with a market cap of approximately $939.67 million.
• The firm reported quarterly earnings of $0.36 per share, which was below analysts' expectations of $0.42, alongside revenue that missed estimates.

Uniti Group (NASDAQ:UNIT - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

A number of other research analysts also recently issued reports on UNIT. Citigroup restated a "neutral" rating and set a $5.30 target price on shares of Uniti Group in a research report on Friday, May 16th. Wells Fargo & Company increased their target price on shares of Uniti Group from $4.50 to $7.50 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $6.70.

Uniti Group Stock Up 1.0%

Shares of UNIT traded up $0.06 during trading hours on Friday, reaching $6.70. 1,641,490 shares of the company traded hands, compared to its average volume of 1,191,411. The stock has a market capitalization of $992.06 million, a P/E ratio of 24.37 and a beta of 1.47. Uniti Group has a 12-month low of $6.32 and a 12-month high of $12.62. The business has a fifty day moving average price of $4.90 and a 200-day moving average price of $4.94.

Uniti Group (NASDAQ:UNIT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The real estate investment trust reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). The company had revenue of $300.73 million for the quarter, compared to analysts' expectations of $304.06 million. Uniti Group had a net margin of 2.96% and a negative return on equity of 1.43%. Uniti Group's quarterly revenue was up 2.0% compared to the same quarter last year. During the same period last year, the firm earned $0.34 earnings per share. As a group, research analysts predict that Uniti Group will post 1.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of UNIT. KBC Group NV acquired a new position in shares of Uniti Group during the 1st quarter worth about $28,000. Allworth Financial LP raised its position in shares of Uniti Group by 775.7% during the 2nd quarter. Allworth Financial LP now owns 7,811 shares of the real estate investment trust's stock worth $34,000 after purchasing an additional 6,919 shares during the last quarter. Park Avenue Securities LLC acquired a new position in shares of Uniti Group during the 2nd quarter worth about $45,000. American Century Companies Inc. acquired a new position in shares of Uniti Group during the 1st quarter worth about $65,000. Finally, Inspire Advisors LLC acquired a new position in shares of Uniti Group during the 1st quarter worth about $66,000. Institutional investors and hedge funds own 87.51% of the company's stock.

Uniti Group Company Profile

Uniti Group, Inc is a real estate investment trust company, which engages in the acquisition, construction, and leasing of properties. It operates through the following business segments: Uniti Leasing, Uniti Fiber, and Corporate. The Uniti Leasing segment involves mission-critical communications assets on exclusive or shared-tenant basis, and dark fiber network.