Uniti Group (NASDAQ:UNIT) Shares Gap Up – Here’s Why

Uniti Group Inc. (NASDAQ:UNIT)’s share price gapped up prior to trading on Monday. The stock had previously closed at $5.07, but opened at $5.25. Uniti Group shares last traded at $4.9350, with a volume of 69,148 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently commented on UNIT. Raymond James Financial set a $16.00 price target on Uniti Group and gave the stock a “strong-buy” rating in a research note on Tuesday, September 29th. JPMorgan Chase & Co. lowered their target price on Uniti Group from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. TD Cowen dropped their price target on Uniti Group from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Barclays lifted their price target on Uniti Group from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 1st. Finally, Weiss Ratings lowered shares of Uniti Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, October 14th. 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’s stock. Based on data from MarketBeat, Uniti Group presently has an average rating of “Hold” and an average target price of $11.47.

Uniti Group Stock Up 4.7%

The business has a 50 day moving average of $8.44 and a 200-day moving average of $9.48.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.23). The business had revenue of $909.70 million during the quarter, compared to the consensus estimate of $884.82 million. As a group, equities analysts forecast that Uniti Group Inc. will post -2.01 earnings per share for the current year.

Institutional Investors Weigh In On Uniti Group

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

Uniti Group Company Profile

Uniti Group Inc is a communications infrastructure company that owns, operates and acquires critical network assets used by telecommunications providers and other customers. Its portfolio primarily includes fiber-optic networks, wireless towers, small-cell infrastructure and related real estate. Uniti generally leases this infrastructure to communications companies under long-term agreements.

The company’s fiber network supports services such as broadband, data transmission, wireless backhaul and enterprise connectivity.