Uniti Group (NASDAQ:UNIT) Trading 9% Higher

Uniti Group Inc. (NASDAQ:UNIT)’s stock price shot up 9% during mid-day trading on Tuesday . The stock traded as high as $4.02 and last traded at $4.01. 668,380 shares changed hands during trading, a decline of 74% from the average session volume of 2,588,782 shares. The stock had previously closed at $3.68.

Analyst Upgrades and Downgrades

Separately, Raymond James lowered Uniti Group from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $8.00 to $6.00 in a research report on Monday, May 6th.

Uniti Group Stock Performance

The business has a 50 day moving average price of $3.21 and a 200-day moving average price of $4.59. The company has a market capitalization of $992.27 million, a price-to-earnings ratio of 66.18 and a beta of 1.29.

Uniti Group (NASDAQ:UNIT) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.28). The company had revenue of $294.90 million for the quarter, compared to analyst estimates of $289.97 million. Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the business earned $0.34 EPS. As a group, equities analysts predict that Uniti Group Inc. will post 1.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Uniti Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC purchased a new stake in Uniti Group in the 4th quarter valued at about $31,000. Everhart Financial Group Inc. purchased a new stake in shares of Uniti Group during the second quarter valued at approximately $41,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Uniti Group during the first quarter valued at approximately $75,000. Optas LLC bought a new stake in Uniti Group during the second quarter worth $79,000. Finally, CWM LLC grew its stake in Uniti Group by 56.3% in the 2nd quarter. CWM LLC now owns 31,229 shares of the real estate investment trust’s stock valued at $91,000 after purchasing an additional 11,255 shares during the period. Institutional investors and hedge funds own 87.51% of the company’s stock.

About Uniti Group

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of fiber and other wireless solutions for the communications industry. As of December 31, 2023, Uniti owns approximately 140,000 fiber route miles, 8.5 million fiber strand miles, and other communications real estate throughout the United States.