Wall Street Zen Downgrades Uniti Group (NASDAQ:UNIT) to Sell

Uniti Group (NASDAQ:UNIT) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Several other research firms have also commented on UNIT. Zacks Research raised shares of Uniti Group from a “strong sell” rating to a “hold” rating in a report on Thursday, October 9th. Weiss Ratings raised Uniti Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, December 15th. Wells Fargo & Company dropped their target price on Uniti Group from $7.50 to $7.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. JPMorgan Chase & Co. initiated coverage on Uniti Group in a research report on Thursday, October 23rd. They set a “neutral” rating and a $7.00 price target for the company. Finally, Barclays assumed coverage on Uniti Group in a report on Friday, October 3rd. They issued an “equal weight” rating and a $6.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.55.

Uniti Group Price Performance

UNIT stock opened at $7.12 on Friday. The company has a market capitalization of $1.05 billion, a P/E ratio of 1.39 and a beta of 1.49. Uniti Group has a 12 month low of $5.30 and a 12 month high of $12.34. The firm’s fifty day simple moving average is $6.29 and its 200-day simple moving average is $5.86.

Hedge Funds Weigh In On Uniti Group

A number of hedge funds have recently bought and sold shares of UNIT. Nuveen LLC purchased a new stake in shares of Uniti Group in the first quarter valued at approximately $6,158,000. Russell Investments Group Ltd. grew its stake in Uniti Group by 457.8% in the 1st quarter. Russell Investments Group Ltd. now owns 127,265 shares of the real estate investment trust’s stock valued at $641,000 after acquiring an additional 104,451 shares during the period. American Century Companies Inc. acquired a new stake in Uniti Group in the 1st quarter valued at $65,000. Jump Financial LLC purchased a new stake in Uniti Group in the 1st quarter worth $383,000. Finally, Ieq Capital LLC raised its position in Uniti Group by 65.1% during the first quarter. Ieq Capital LLC now owns 48,208 shares of the real estate investment trust’s stock worth $243,000 after acquiring an additional 19,007 shares during the period. Hedge funds and other institutional investors own 87.51% of the company’s stock.

Uniti Group Company Profile

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.