Uniti Group (NASDAQ:UNIT) Stock Price Down 5.9% – What’s Next?

Uniti Group Inc. (NASDAQ:UNIT)’s stock price fell 5.9% on Friday. The stock traded as low as $7.01 and last traded at $6.9660. 1,659,832 shares traded hands during trading, a decline of 29% from the average daily volume of 2,340,901 shares. The stock had previously closed at $7.40.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on UNIT. TD Cowen reduced their price target on Uniti Group from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Barclays raised their price objective on Uniti Group from $11.00 to $13.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 1st. JPMorgan Chase & Co. dropped their target price on shares of Uniti Group from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Friday, July 31st. Weiss Ratings restated a “hold (c+)” rating on shares of Uniti Group in a research note on Wednesday, August 19th. Finally, Raymond James Financial set a $16.00 target price on shares of Uniti Group and gave the stock a “strong-buy” rating in a report on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $11.47.

Uniti Group Stock Down 5.7%

The business’s fifty day moving average is $9.48 and its 200 day moving average is $10.44. The stock has a market cap of $1.69 billion, a PE ratio of 2.57 and a beta of 1.42.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.23). The firm had revenue of $909.70 million for the quarter, compared to analyst estimates of $884.82 million. Uniti Group had a negative return on equity of 133.07% and a net margin of 28.68%. As a group, analysts predict that Uniti Group Inc. will post -2.01 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Sei Investments Co. lifted its stake in Uniti Group by 135.6% in the first quarter. Sei Investments Co. now owns 188,432 shares of the real estate investment trust’s stock valued at $1,767,000 after acquiring an additional 108,438 shares during the last quarter. Hsbc Holdings PLC acquired a new position in Uniti Group in the 1st quarter worth about $1,781,000. First Trust Advisors LP acquired a new stake in Uniti Group in the first quarter valued at $4,203,000. Bank of New York Mellon Corp bought a new stake in Uniti Group in the second quarter valued at approximately $15,701,000. Finally, BTG Pactual Asset Management US LLC bought a new stake in shares of Uniti Group during the 2nd quarter valued at about $1,583,000. Institutional investors own 87.51% of the company’s stock.

About Uniti Group

Uniti Group Inc is a communications infrastructure company that owns, operates and leases fiber-optic networks, wireless infrastructure and other telecommunications real estate. Its assets support broadband providers, wireless carriers, enterprises, government organizations and other communications customers.

The company’s services and infrastructure include dark-fiber leasing, lit fiber transport, network backhaul, fiber-to-the-tower connections, small-cell infrastructure, wireless towers and related colocation or real estate arrangements.