Citigroup Issues Positive Forecast for Uniti Group (NASDAQ:UNIT) Stock Price

Uniti Group (NASDAQ:UNIT) had its target price lifted by stock analysts at Citigroup from $8.80 to $9.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s price objective suggests a potential upside of 14.65% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Zacks Research lowered shares of Uniti Group from a “hold” rating to a “strong sell” rating in a research note on Thursday. Wells Fargo & Company upped their target price on shares of Uniti Group from $7.00 to $8.00 and gave the stock an “equal weight” rating in a report on Thursday. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $11.00 price target on shares of Uniti Group in a research report on Tuesday, March 3rd. Barclays set a $8.00 price target on Uniti Group in a research note on Thursday, January 29th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Uniti Group in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.60.

Uniti Group Price Performance

Shares of NASDAQ:UNIT traded down $0.20 during trading on Monday, reaching $7.85. 539,233 shares of the stock were exchanged, compared to its average volume of 1,972,383. Uniti Group has a 1-year low of $5.30 and a 1-year high of $11.73. The stock has a fifty day moving average of $7.71 and a two-hundred day moving average of $6.84. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 2.08 and a beta of 1.50.

Uniti Group (NASDAQ:UNIT) last posted its quarterly earnings results on Monday, March 2nd. The real estate investment trust reported ($1.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.73). The business had revenue of $917.30 million during the quarter, compared to analyst estimates of $909.44 million. Uniti Group had a net margin of 55.60% and a negative return on equity of 2.52%. The business’s revenue for the quarter was up 212.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS. Sell-side analysts forecast that Uniti Group will post 1.28 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in UNIT. T. Rowe Price Investment Management Inc. grew its position in Uniti Group by 103.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 14,656,558 shares of the real estate investment trust’s stock worth $102,743,000 after purchasing an additional 7,441,044 shares in the last quarter. TMB Capital Partners LLC bought a new position in shares of Uniti Group during the 4th quarter worth approximately $185,000. Invesco Ltd. lifted its position in shares of Uniti Group by 32.8% during the 4th quarter. Invesco Ltd. now owns 1,829,904 shares of the real estate investment trust’s stock worth $12,828,000 after buying an additional 452,149 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of Uniti Group in the 4th quarter worth approximately $72,000. Finally, State of Tennessee Department of Treasury grew its holdings in shares of Uniti Group by 14.1% in the fourth quarter. State of Tennessee Department of Treasury now owns 72,275 shares of the real estate investment trust’s stock valued at $507,000 after acquiring an additional 8,948 shares in the last quarter. 87.51% of the stock is owned by institutional investors.

About Uniti Group

Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company’s assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.

Uniti’s portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.