Uniti Group (NASDAQ:UNIT) Hits New 1-Year Low - Here's Why

Key Points

• Uniti Group Inc. shares hit a new 52-week low at $6.26, with a trading volume of nearly 180,000 shares.
• Recent analyst ratings show a consensus "Hold" rating for UNIT, with price targets ranging from $5.30 to $7.50.
• The company reported Q2 earnings of $0.36 per share, missing estimates and reflecting a 2% year-over-year revenue increase.

Uniti Group Inc. (NASDAQ:UNIT - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $6.28 and last traded at $6.26, with a volume of 179989 shares traded. The stock had previously closed at $6.43.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on UNIT shares. Wells Fargo & Company raised their price objective on Uniti Group from $4.50 to $7.50 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Citigroup restated a "neutral" rating and issued a $5.30 price target on shares of Uniti Group in a research note on Friday, May 16th. Finally, Wall Street Zen cut Uniti Group from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Uniti Group currently has a consensus rating of "Hold" and a consensus target price of $6.70.

Uniti Group Stock Down 0.9%

The business has a 50-day moving average price of $5.03 and a 200-day moving average price of $4.97. The firm has a market capitalization of $943.37 million, a price-to-earnings ratio of 23.13 and a beta of 1.47.

Uniti Group (NASDAQ:UNIT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The real estate investment trust reported $0.36 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.06). Uniti Group had a net margin of 2.96% and a negative return on equity of 1.43%. The business had revenue of $300.73 million during the quarter, compared to analysts' expectations of $304.06 million. During the same period in the previous year, the company posted $0.34 earnings per share. Uniti Group's revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities research analysts forecast that Uniti Group Inc. will post 1.28 earnings per share for the current year.

Institutional Investors Weigh In On Uniti Group

Hedge funds have recently modified their holdings of the company. KBC Group NV acquired a new stake in Uniti Group in the 1st quarter valued at about $28,000. Allworth Financial LP grew its stake in shares of Uniti Group by 775.7% in the second quarter. Allworth Financial LP now owns 7,811 shares of the real estate investment trust's stock worth $34,000 after acquiring an additional 6,919 shares in the last quarter. Park Avenue Securities LLC purchased a new stake in shares of Uniti Group during the 2nd quarter worth $45,000. American Century Companies Inc. purchased a new stake in shares of Uniti Group during the 1st quarter worth $65,000. Finally, Inspire Advisors LLC acquired a new position in Uniti Group in the first quarter valued at $66,000. 87.51% of the stock is owned by hedge funds and other institutional investors.

About Uniti Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.