Uniti Group (NASDAQ:UNIT) Price Target Cut to $7.00 by Analysts at Wells Fargo & Company

Uniti Group (NASDAQ:UNIT) had its price target lowered by Wells Fargo & Company from $7.50 to $7.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also issued reports on UNIT. Weiss Ratings reiterated a “sell (d)” rating on shares of Uniti Group in a research note on Wednesday, October 8th. JPMorgan Chase & Co. initiated coverage on Uniti Group in a research note on Thursday, October 23rd. They issued a “neutral” rating and a $7.00 price objective for the company. Barclays started coverage on Uniti Group in a research report on Friday, October 3rd. They set an “equal weight” rating and a $6.00 target price for the company. Zacks Research raised Uniti Group from a “strong sell” rating to a “hold” rating in a report on Thursday, October 9th. Finally, Wall Street Zen downgraded Uniti Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Uniti Group has an average rating of “Hold” and an average target price of $6.55.

Uniti Group Stock Up 3.7%

NASDAQ:UNIT traded up $0.23 during trading hours on Friday, hitting $6.49. 3,317,670 shares of the stock traded hands, compared to its average volume of 2,764,649. Uniti Group has a 1 year low of $5.30 and a 1 year high of $12.62. The company has a market cap of $960.39 million, a price-to-earnings ratio of 1.27 and a beta of 1.52. The stock has a 50 day moving average price of $6.17 and a 200 day moving average price of $5.42.

Uniti Group (NASDAQ:UNIT) last announced its quarterly earnings data on Tuesday, August 5th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). Uniti Group had a negative return on equity of 1.71% and a net margin of 97.46%.The firm had revenue of $300.73 million during the quarter, compared to analysts’ expectations of $304.06 million. During the same period last year, the company earned $0.34 earnings per share. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. Equities analysts forecast that Uniti Group will post 1.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Uniti Group

Several institutional investors have recently added to or reduced their stakes in the company. Savant Capital LLC raised its stake in shares of Uniti Group by 2.6% in the second quarter. Savant Capital LLC now owns 63,592 shares of the real estate investment trust’s stock valued at $275,000 after acquiring an additional 1,601 shares during the period. Daiwa Securities Group Inc. grew its holdings in Uniti Group by 2.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 84,017 shares of the real estate investment trust’s stock valued at $363,000 after purchasing an additional 1,629 shares during the last quarter. Osaic Holdings Inc. raised its position in Uniti Group by 20.6% in the 2nd quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 1,795 shares during the period. Journey Strategic Wealth LLC lifted its stake in Uniti Group by 11.1% in the second quarter. Journey Strategic Wealth LLC now owns 19,236 shares of the real estate investment trust’s stock worth $83,000 after purchasing an additional 1,924 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its position in shares of Uniti Group by 12.1% during the second quarter. Neuberger Berman Group LLC now owns 35,156 shares of the real estate investment trust’s stock valued at $152,000 after buying an additional 3,806 shares during the period. 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.