Uniti Group (NASDAQ:UNIT) Sees Large Volume Increase

Shares of Uniti Group Inc. (NASDAQ:UNIT) saw unusually-strong trading volume on Thursday . Approximately 1,540,877 shares changed hands during mid-day trading, a decline of 41% from the previous session’s volume of 2,603,796 shares.The stock last traded at $5.16 and had previously closed at $4.70.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reissued a “sector perform” rating and set a $5.50 target price on shares of Uniti Group in a research note on Thursday, August 29th.

Uniti Group Stock Performance

The company has a market cap of $1.26 billion, a P/E ratio of 87.67 and a beta of 1.29. The stock has a 50 day moving average price of $3.85 and a 200 day moving average price of $4.45.

Uniti Group (NASDAQ:UNIT) last issued its quarterly earnings results 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). Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. The business had revenue of $294.90 million during the quarter, compared to the consensus estimate of $289.97 million. During the same quarter last year, the firm posted $0.34 earnings per share. Uniti Group’s revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts predict that Uniti Group Inc. will post 1.39 earnings per share for the current year.

Insider Activity at Uniti Group

In other news, SVP Ronald J. Mudry sold 28,693 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $3.94, for a total transaction of $113,050.42. Following the completion of the sale, the senior vice president now directly owns 513,761 shares of the company’s stock, valued at approximately $2,024,218.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.39% of the company’s stock.

Institutional Trading of Uniti Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Uniti Group by 1.4% in the first quarter. Vanguard Group Inc. now owns 38,442,169 shares of the real estate investment trust’s stock valued at $226,809,000 after purchasing an additional 542,485 shares in the last quarter. LSV Asset Management raised its position in Uniti Group by 1.3% during the first quarter. LSV Asset Management now owns 7,276,879 shares of the real estate investment trust’s stock valued at $42,934,000 after buying an additional 91,408 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Uniti Group by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,858,573 shares of the real estate investment trust’s stock worth $39,643,000 after acquiring an additional 414,810 shares in the last quarter. Davidson Kempner Capital Management LP boosted its position in Uniti Group by 17.7% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 5,480,000 shares of the real estate investment trust’s stock worth $16,002,000 after acquiring an additional 825,000 shares during the period. Finally, AQR Capital Management LLC grew its stake in Uniti Group by 244.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,254,810 shares of the real estate investment trust’s stock valued at $6,584,000 after acquiring an additional 1,600,628 shares in the last quarter. Institutional investors and hedge funds own 87.51% of the company’s stock.

Uniti Group Company Profile

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.