Uniti Group (NASDAQ:UNIT) Given New $12.00 Price Target at JPMorgan Chase & Co.

Uniti Group (NASDAQ:UNIT) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $8.00 to $12.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 8.95% from the stock’s current price.

A number of other brokerages have also recently issued reports on UNIT. Royal Bank Of Canada upped their price objective on shares of Uniti Group from $6.50 to $7.50 and gave the company a “sector perform” rating in a research note on Monday, April 13th. Wells Fargo & Company increased their price target on shares of Uniti Group from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Tuesday. Williams Trading set a $12.00 price target on shares of Uniti Group in a research report on Tuesday. Weiss Ratings raised shares of Uniti Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday. Finally, UBS Group set a $12.00 price objective on shares of Uniti Group in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Uniti Group presently has a consensus rating of “Hold” and a consensus target price of $10.61.

Uniti Group Price Performance

UNIT stock traded down $0.36 during midday trading on Tuesday, reaching $11.01. The company had a trading volume of 877,378 shares, compared to its average volume of 2,338,704. Uniti Group has a 1 year low of $5.30 and a 1 year high of $12.39. The company has a market capitalization of $2.67 billion, a P/E ratio of 2.91 and a beta of 1.44. The firm has a 50-day moving average price of $9.68 and a 200-day moving average price of $7.99.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings results on Monday, May 11th. The real estate investment trust reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.01. Uniti Group had a net margin of 55.60% and a negative return on equity of 2.52%. The business had revenue of $987.50 million during the quarter, compared to analysts’ expectations of $930.08 million. During the same quarter in the previous year, the company earned $0.35 EPS. The business’s quarterly revenue was up 236.0% compared to the same quarter last year. On average, equities analysts predict that Uniti Group will post -1.66 EPS for the current year.

Institutional Investors Weigh In On Uniti Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in UNIT. Hilton Head Capital Partners LLC bought a new stake in Uniti Group during the 4th quarter worth approximately $40,000. KBC Group NV bought a new stake in Uniti Group during the 1st quarter worth approximately $43,000. Osaic Holdings Inc. raised its stake in Uniti Group by 20.6% during the 2nd quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 1,795 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in shares of Uniti Group during the fourth quarter valued at approximately $72,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of Uniti Group during the third quarter valued at approximately $75,000. Institutional investors 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.