Uniti Group (NASDAQ:UNIT) Hits New 52-Week Low – What’s Next?

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

Analysts Set New Price Targets

UNIT has been the subject of a number of research analyst reports. TD Cowen cut their price target on Uniti Group from $12.00 to $11.00 and set a “buy” rating for the company in a report on Friday, July 31st. JPMorgan Chase & Co. lowered their price objective on shares of Uniti Group from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Friday, July 31st. Raymond James Financial set a $16.00 target price on shares of Uniti Group and gave the company a “strong-buy” rating in a research note on Tuesday, September 29th. Weiss Ratings downgraded shares of Uniti Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday. Finally, Barclays raised their price target on shares of Uniti Group from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $11.47.

Uniti Group Trading Down 2.8%

The company has a fifty day moving average price of $9.07 and a two-hundred day moving average price of $10.37. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 2.01 and a beta of 1.42.

Uniti Group (NASDAQ:UNIT) last announced its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $909.70 million during the quarter, compared to analyst estimates of $884.82 million. Sell-side analysts anticipate that Uniti Group Inc. will post -2.01 EPS for the current fiscal year.

Institutional Trading of Uniti Group

Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in shares of Uniti Group during the second quarter worth approximately $15,701,000. Principal Financial Group Inc. raised its stake in shares of Uniti Group by 2.0% in the first quarter. Principal Financial Group Inc. now owns 870,891 shares of the real estate investment trust’s stock valued at $8,169,000 after acquiring an additional 16,971 shares during the last quarter. Mizuho Markets Americas LLC boosted its holdings in shares of Uniti Group by 26.9% in the 1st quarter. Mizuho Markets Americas LLC now owns 505,246 shares of the real estate investment trust’s stock worth $4,739,000 after acquiring an additional 107,000 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of Uniti Group in the 1st quarter worth approximately $4,203,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Uniti Group in the 1st quarter worth approximately $1,781,000. 87.51% of the stock is owned by institutional investors.

About Uniti Group

Uniti Group Inc is a communications infrastructure company that owns, operates and leases fiber-optic networks, wireless infrastructure and other telecommunications real estate. Its assets support broadband providers, wireless carriers, enterprises, government organizations and other communications customers.

The company’s services and infrastructure include dark-fiber leasing, lit fiber transport, network backhaul, fiber-to-the-tower connections, small-cell infrastructure, wireless towers and related colocation or real estate arrangements.