Uniti Group (NASDAQ:UNIT) Trading 4.9% Higher – Here’s What Happened

Uniti Group Inc. (NASDAQ:UNIT) shares were up 4.9% during trading on Friday . The stock traded as high as $8.00 and last traded at $7.8920. Approximately 118,178 shares traded hands during trading, a decline of 94% from the average daily volume of 2,021,142 shares. The stock had previously closed at $7.52.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on UNIT. Wall Street Zen raised Uniti Group from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Wells Fargo & Company reduced their price target on shares of Uniti Group from $7.50 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of Uniti Group in a research report on Monday, December 29th. Zacks Research raised Uniti Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 9th. Finally, Barclays set a $8.00 target price on shares of Uniti Group in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $7.06.

Uniti Group Stock Performance

The stock’s 50-day moving average is $7.06 and its 200 day moving average is $6.45. The stock has a market capitalization of $1.23 billion, a PE ratio of 1.63 and a beta of 1.45.

Institutional Investors Weigh In On Uniti Group

Several large investors have recently modified their holdings of UNIT. Savant Capital LLC boosted its holdings in Uniti Group by 2.6% in the 2nd quarter. Savant Capital LLC now owns 63,592 shares of the real estate investment trust’s stock valued at $275,000 after purchasing an additional 1,601 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Uniti Group by 2.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 84,017 shares of the real estate investment trust’s stock valued at $363,000 after acquiring an additional 1,629 shares in the last quarter. Osaic Holdings Inc. increased its stake in shares of 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 purchasing an additional 1,795 shares in the last quarter. Journey Strategic Wealth LLC lifted its position in shares of Uniti Group by 11.1% in the second quarter. Journey Strategic Wealth LLC now owns 19,236 shares of the real estate investment trust’s stock valued at $83,000 after acquiring an additional 1,924 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Uniti Group by 10.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 20,302 shares of the real estate investment trust’s stock worth $139,000 after purchasing an additional 1,956 shares during the last quarter. Hedge funds and other 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.