Uniti Group (NASDAQ:UNIT) Sets New 1-Year High Following Better-Than-Expected Earnings

Key Points

• Uniti Group hit a new 52-week high after reporting better-than-expected quarterly results, with shares trading as high as $12.30.
• The REIT posted EPS of ($0.34), narrowly beating expectations by $0.01, while quarterly revenue jumped 236% year over year.
• Analysts remain cautious overall, with a consensus rating of Hold and an average price target of $8.92, even as several firms raised their targets recently.

Uniti Group Inc. (NASDAQ:UNIT - Get Free Report) shares hit a new 52-week high on Monday following a stronger than expected earnings report. The stock traded as high as $12.30 and last traded at $12.2790, with a volume of 197077 shares changing hands. The stock had previously closed at $11.28.

The real estate investment trust reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.01. Uniti Group had a net margin of 55.60% and a negative return on equity of 2.52%. During the same period in the prior year, the company earned $0.35 EPS. The business's quarterly revenue was up 236.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

UNIT has been the topic of several research reports. Citigroup upped their price target on shares of Uniti Group from $8.80 to $9.00 and gave the company a "neutral" rating in a research note on Monday, March 9th. Barclays increased their target price 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. Wall Street Zen cut shares of Uniti Group from a "hold" rating to a "sell" rating in a report on Sunday, March 1st. Wells Fargo & Company increased their target price on shares of Uniti Group from $7.00 to $8.00 and gave the stock an "equal weight" rating in a report on Thursday, March 5th. Finally, Zacks Research raised shares of Uniti Group from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. One investment analyst has rated the stock with a Strong Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $8.92.

Institutional Investors Weigh In On Uniti Group

Institutional investors have recently added to or reduced their stakes in the business. Contrarian Capital Management L.L.C. bought a new position in Uniti Group during the 3rd quarter worth approximately $2,783,000. SG Americas Securities LLC raised its holdings in Uniti Group by 2,208.3% during the 4th quarter. SG Americas Securities LLC now owns 995,163 shares of the real estate investment trust's stock worth $6,976,000 after purchasing an additional 952,050 shares during the last quarter. Thematics Asset Management bought a new position in Uniti Group during the 3rd quarter worth approximately $3,900,000. TD Asset Management Inc bought a new position in Uniti Group during the 3rd quarter worth approximately $1,532,000. Finally, Illinois Municipal Retirement Fund bought a new stake in shares of Uniti Group in the 3rd quarter valued at $436,000. 87.51% of the stock is owned by institutional investors.

Uniti Group Stock Performance

The firm's 50 day moving average price is $9.54 and its two-hundred day moving average price is $7.91. The company has a market cap of $2.83 billion, a P/E ratio of 3.10 and a beta of 1.44.

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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