Uniti Group (NASDAQ:UNIT) Shares Down 4% – Here’s Why

Uniti Group Inc. (NASDAQ:UNIT)’s stock price fell 4% during trading on Friday . The stock traded as low as $4.63 and last traded at $4.66. 302,311 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,168,818 shares. The stock had previously closed at $4.85.

Analyst Ratings Changes

Several brokerages recently issued reports on UNIT. Raymond James upgraded shares of Uniti Group from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $6.00 to $8.00 in a research note on Monday, February 24th. Wells Fargo & Company decreased their price target on shares of Uniti Group from $5.00 to $4.50 and set an “equal weight” rating for the company in a research note on Thursday, May 8th. Finally, Citigroup restated a “neutral” rating and set a $5.30 price objective on shares of Uniti Group in a research note on Friday.

Uniti Group Trading Down 4.3%

The firm has a market capitalization of $1.14 billion, a P/E ratio of 11.32 and a beta of 1.59. The business’s 50 day simple moving average is $4.75 and its two-hundred day simple moving average is $5.33.

Uniti Group (NASDAQ:UNIT) last announced its quarterly earnings results on Tuesday, May 6th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.35. The firm had revenue of $293.91 million for the quarter, compared to the consensus estimate of $295.39 million. Uniti Group had a net margin of 8.82% and a negative return on equity of 4.12%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.32 EPS. Analysts predict that Uniti Group Inc. will post 1.28 EPS for the current fiscal year.

Institutional Trading of Uniti Group

A number of institutional investors have recently made changes to their positions in the stock. Golden State Equity Partners boosted its holdings in shares of Uniti Group by 9.5% in the fourth quarter. Golden State Equity Partners now owns 23,105 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 2,000 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Uniti Group by 2.2% in the third quarter. Franklin Resources Inc. now owns 106,104 shares of the real estate investment trust’s stock worth $572,000 after buying an additional 2,328 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Uniti Group by 0.9% in the fourth quarter. State of Alaska Department of Revenue now owns 255,119 shares of the real estate investment trust’s stock worth $1,402,000 after buying an additional 2,397 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Uniti Group by 10.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,834 shares of the real estate investment trust’s stock worth $137,000 after buying an additional 2,447 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in shares of Uniti Group by 3.6% in the fourth quarter. Arizona State Retirement System now owns 70,798 shares of the real estate investment trust’s stock worth $389,000 after buying an additional 2,460 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 company, which engages in the acquisition, construction, and leasing of properties. It operates through the following business segments: Uniti Leasing, Uniti Fiber, and Corporate. The Uniti Leasing segment involves mission-critical communications assets on exclusive or shared-tenant basis, and dark fiber network.