Uniti Group (NASDAQ:UNIT) Given New $7.00 Price Target at Wells Fargo & Company

Uniti Group (NASDAQ:UNIT) had its price target lowered by analysts at Wells Fargo & Company from $7.50 to $7.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 7.48% from the company’s current price.

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

Uniti Group Stock Up 4.0%

UNIT traded up $0.25 during trading on Friday, hitting $6.51. The company’s stock had a trading volume of 2,336,505 shares, compared to its average volume of 1,730,375. The business’s 50 day simple moving average is $6.17 and its 200-day simple moving average is $5.41. The firm has a market cap of $963.79 million, a PE ratio of 1.27 and a beta of 1.52. Uniti Group has a one year low of $5.30 and a one year high of $12.62.

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

Institutional Investors Weigh In On Uniti Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its holdings in shares of Uniti Group by 53.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 32,531 shares of the real estate investment trust’s stock worth $170,000 after buying an additional 11,395 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Uniti Group by 309.5% in the 1st quarter. Teacher Retirement System of Texas now owns 218,813 shares of the real estate investment trust’s stock valued at $1,103,000 after acquiring an additional 165,383 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Uniti Group by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,392,105 shares of the real estate investment trust’s stock worth $7,016,000 after purchasing an additional 47,793 shares in the last quarter. CWM LLC boosted its holdings in shares of Uniti Group by 25.2% during the 1st quarter. CWM LLC now owns 36,571 shares of the real estate investment trust’s stock valued at $184,000 after purchasing an additional 7,356 shares during the last quarter. Finally, Pinnacle Associates Ltd. boosted its holdings in shares of Uniti Group by 7.3% during the 1st quarter. Pinnacle Associates Ltd. now owns 1,726,917 shares of the real estate investment trust’s stock valued at $8,704,000 after purchasing an additional 118,095 shares during the last quarter. 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.