Uniti Group (NASDAQ:UNIT) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Uniti Group reported quarterly EPS of ($0.34), beating analysts’ estimate of ($0.35) by $0.01, though that was still below the $0.35 per share it earned in the same period last year.
• The company’s revenue jumped 236% year over year, highlighting strong top-line growth despite continued profitability challenges, including a negative return on equity of 2.52%.
• Wall Street remains cautious on the stock: analysts currently rate Uniti Group “Hold” on average, with a consensus price target of $8.92, below the stock’s recent trading level near $11.28.

Uniti Group (NASDAQ:UNIT - Get Free Report) released its quarterly earnings results on Monday. The real estate investment trust reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.01, Briefing.com reports. Uniti Group had a negative return on equity of 2.52% and a net margin of 55.60%.During the same quarter in the previous year, the firm earned $0.35 earnings per share. Uniti Group's revenue for the quarter was up 236.0% compared to the same quarter last year.

Uniti Group Stock Performance

Shares of UNIT opened at $11.28 on Monday. Uniti Group has a twelve month low of $5.30 and a twelve month high of $12.18. The firm has a market capitalization of $2.74 billion, a P/E ratio of 2.99 and a beta of 1.44. The firm's 50-day moving average is $9.54 and its two-hundred day moving average is $7.91.

Wall Street Analyst Weigh In

UNIT has been the subject of several recent analyst reports. Wall Street Zen cut shares of Uniti Group from a "hold" rating to a "sell" rating in a research note on Sunday, March 1st. Barclays increased their price target on shares of Uniti Group from $8.00 to $11.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 15th. Zacks Research upgraded shares of Uniti Group from a "strong sell" rating to a "hold" rating in a research report on Friday, April 3rd. Wells Fargo & Company lifted their price objective on Uniti Group from $7.00 to $8.00 and gave the company an "equal weight" rating in a report on Thursday, March 5th. Finally, Royal Bank Of Canada increased their target price on Uniti Group from $6.50 to $7.50 and gave the stock a "sector perform" rating in a research note on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Uniti Group presently has a consensus rating of "Hold" and a consensus price target of $8.92.

Institutional Investors Weigh In On Uniti Group

Institutional investors and hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. raised its holdings in Uniti Group by 20.6% during the second quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust's stock worth $46,000 after purchasing an additional 1,795 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Uniti Group in the fourth quarter valued at $72,000. Cibc World Markets Corp purchased a new position in shares of Uniti Group in the fourth quarter valued at $78,000. United Services Automobile Association acquired a new position in shares of Uniti Group during the 1st quarter worth $80,000. Finally, Cibc World Market Inc. acquired a new position in shares of Uniti Group during the 4th quarter worth $81,000. Institutional investors and hedge funds own 87.51% of the company's stock.

About Uniti Group

Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company's assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.

Uniti's portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.

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