Uniti Group (NASDAQ:UNIT) Sets New 1-Year High – What’s Next?

Uniti Group Inc. (NASDAQ:UNIT)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $12.45 and last traded at $12.1360, with a volume of 977897 shares traded. The stock had previously closed at $11.61.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on UNIT shares. Zacks Research raised Uniti Group from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Barclays increased their target price on Uniti Group from $8.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Williams Trading set a $12.00 target price on Uniti Group in a research report on Tuesday, May 12th. TD Cowen increased their target price on Uniti Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Finally, Wells Fargo & Company raised their price objective on Uniti Group from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $10.92.

Uniti Group Stock Performance

The company has a market cap of $2.94 billion, a P/E ratio of 3.63 and a beta of 1.40. The stock has a 50-day moving average of $11.16 and a two-hundred day moving average of $8.78.

Uniti Group (NASDAQ:UNIT) last posted its earnings results on Monday, May 11th. The real estate investment trust reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.01. The business had revenue of $987.50 million during the quarter, compared to analyst estimates of $930.08 million. Uniti Group had a negative return on equity of 2.52% and a net margin of 39.61%.The company’s quarterly revenue was up 236.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.35 EPS. Research analysts predict that Uniti Group Inc. will post -1.56 EPS for the current year.

Institutional Trading of Uniti Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Amundi increased its holdings in shares of Uniti Group by 38.3% in the 1st quarter. Amundi now owns 52,782 shares of the real estate investment trust’s stock worth $495,000 after purchasing an additional 14,618 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Uniti Group by 16.7% in the 1st quarter. California State Teachers Retirement System now owns 171,559 shares of the real estate investment trust’s stock worth $1,609,000 after purchasing an additional 24,594 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Uniti Group by 159.5% in the 1st quarter. Royal Bank of Canada now owns 47,947 shares of the real estate investment trust’s stock worth $449,000 after purchasing an additional 29,467 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Uniti Group by 5.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 92,743 shares of the real estate investment trust’s stock worth $870,000 after purchasing an additional 4,782 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Uniti Group by 46.6% in the 1st quarter. Quantinno Capital Management LP now owns 51,413 shares of the real estate investment trust’s stock worth $482,000 after buying an additional 16,335 shares during the last quarter. Institutional investors own 87.51% of the company’s stock.

Uniti Group Company Profile

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.