Uniti Group (NASDAQ:UNIT) Stock Price Crosses Below 50 Day Moving Average – Time to Sell?

Uniti Group Inc. (NASDAQ:UNIT) passed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $9.48 and traded as low as $7.29. Uniti Group shares last traded at $7.40, with a volume of 3,002,302 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on UNIT shares. TD Cowen dropped their target price on Uniti Group from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Uniti Group in a research note on Wednesday, August 19th. JPMorgan Chase & Co. lowered their price target on Uniti Group from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Friday, July 31st. Barclays boosted their price objective 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, Raymond James Financial set a $16.00 price objective on Uniti Group and gave the company a “strong-buy” rating in a report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $11.47.

Uniti Group Stock Down 7.2%

The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 2.54 and a beta of 1.42. The firm’s 50 day moving average is $9.42 and its 200 day moving average is $10.41.

Uniti Group (NASDAQ:UNIT) last posted its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported ($0.68) earnings per share (EPS) 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 analyst estimates of $884.82 million. Uniti Group had a negative return on equity of 133.07% and a net margin of 28.68%. On average, sell-side analysts predict 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 institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in Uniti Group in the 2nd quarter worth approximately $15,701,000. Principal Financial Group Inc. raised its stake in Uniti Group by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 870,891 shares of the real estate investment trust’s stock valued at $8,169,000 after purchasing an additional 16,971 shares during the period. Mizuho Markets Americas LLC raised its stake in Uniti Group by 26.9% during the 1st quarter. Mizuho Markets Americas LLC now owns 505,246 shares of the real estate investment trust’s stock valued at $4,739,000 after purchasing an additional 107,000 shares during the period. First Trust Advisors LP purchased a new stake in shares of Uniti Group in the first quarter valued at $4,203,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Uniti Group in the first quarter valued at $1,781,000. 87.51% of the stock is owned by institutional investors and hedge funds.

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.