Uniti Group (NASDAQ:UNIT) Reaches New 1-Year Low – Here’s What Happened

Uniti Group Inc. (NASDAQ:UNIT)’s share price reached a new 52-week low on Monday. The company traded as low as $5.44 and last traded at $5.4350, with a volume of 1,697,632 shares traded. The stock had previously closed at $5.60.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Raymond James Financial set a $16.00 price objective on shares of Uniti Group and gave the stock a “strong-buy” rating in a research note on Tuesday, September 29th. Barclays upped their target price on Uniti Group from $11.00 to $13.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 1st. Weiss Ratings downgraded Uniti Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, October 14th. JPMorgan Chase & Co. reduced their price target on Uniti Group from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Finally, TD Cowen decreased their price target on Uniti Group from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Uniti Group currently has an average rating of “Hold” and a consensus price target of $11.47.

Uniti Group Price Performance

The firm’s fifty day moving average price is $8.91 and its 200 day moving average price is $10.31.

Uniti Group (NASDAQ:UNIT) last announced its 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). Uniti Group had a net margin of 28.68% and a negative return on equity of 133.07%. The company had revenue of $909.70 million for the quarter, compared to the consensus estimate of $884.82 million. On average, sell-side analysts expect that Uniti Group Inc. will post -2.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fortitude Family Office LLC grew its stake in shares of Uniti Group by 7,156.7% during the third quarter. Fortitude Family Office LLC now owns 4,354 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 4,294 shares during the last quarter. KBC Group NV purchased a new position in shares of Uniti Group in the 1st quarter valued at approximately $43,000. Hilton Head Capital Partners LLC raised its position in shares of Uniti Group by 26.2% in the 1st quarter. Hilton Head Capital Partners LLC now owns 7,195 shares of the real estate investment trust’s stock valued at $67,000 after purchasing an additional 1,494 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Uniti Group in the 2nd quarter worth approximately $95,000. Finally, Farther Finance Advisors LLC boosted its stake in Uniti Group by 1,579.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,802 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 8,278 shares in the last quarter. 87.51% of the stock is currently owned by hedge funds and other institutional investors.

About Uniti Group

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.