Uniti Group Inc. (NASDAQ:UNIT - Get Free Report)'s stock price was down 9.6% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $9.40 and last traded at $9.3760. Approximately 1,561,171 shares traded hands during trading, a decline of 33% from the average session volume of 2,327,434 shares. The stock had previously closed at $10.37.
The real estate investment trust reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.25).
Analyst Ratings Changes
Several equities research analysts have recently commented on the stock. Royal Bank Of Canada lifted their price target on shares of Uniti Group from $6.50 to $7.50 and gave the stock a "sector perform" rating in a research report on Monday, April 13th. JPMorgan Chase & Co. increased their price objective on shares of Uniti Group from $8.00 to $12.00 and gave the company a "neutral" rating in a report on Tuesday, May 12th. Williams Trading set a $12.00 price objective on shares of Uniti Group in a research note on Tuesday, May 12th. Wells Fargo & Company lifted their target price on shares of Uniti Group from $8.00 to $9.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 12th. Finally, UBS Group set a $12.00 target price on shares of Uniti Group in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Uniti Group presently has a consensus rating of "Hold" and an average target price of $11.14.
Check Out Our Latest Stock Report on UNIT
Institutional Trading of Uniti Group
A number of institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC grew its holdings in Uniti Group by 2,208.3% during the fourth quarter. SG Americas Securities LLC now owns 995,163 shares of the real estate investment trust's stock valued at $6,976,000 after purchasing an additional 952,050 shares during the period. Vanguard Group Inc. raised its holdings in Uniti Group by 38.9% in the fourth quarter. Vanguard Group Inc. now owns 23,202,733 shares of the real estate investment trust's stock worth $162,651,000 after purchasing an additional 6,494,001 shares during the period. Hsbc Holdings PLC acquired a new stake in Uniti Group in the first quarter worth $1,781,000. Mizuho Markets Americas LLC boosted its position in shares of Uniti Group by 38.2% during the fourth quarter. Mizuho Markets Americas LLC now owns 398,246 shares of the real estate investment trust's stock worth $2,792,000 after purchasing an additional 110,000 shares in the last quarter. Finally, UBS Group AG boosted its position in shares of Uniti Group by 12.1% during the fourth quarter. UBS Group AG now owns 695,743 shares of the real estate investment trust's stock worth $4,877,000 after purchasing an additional 75,356 shares in the last quarter. 87.51% of the stock is owned by institutional investors.
Uniti Group Trading Down 9.8%
The firm's fifty day moving average price is $11.28 and its 200-day moving average price is $9.86. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 2.81 and a beta of 1.40.
About Uniti Group
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Uniti Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Uniti Group wasn't on the list.
While Uniti Group currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
