Uniti Group (NASDAQ:UNIT) Share Price Passes Below Fifty Day Moving Average – Should You Sell?

Uniti Group Inc. (NASDAQ:UNIT)’s share price passed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $10.31 and traded as low as $10.12. Uniti Group shares last traded at $10.25, with a volume of 1,911,843 shares trading hands.

Analysts Set New Price Targets

Several research analysts have commented on UNIT shares. Barclays lifted their price target on Uniti Group from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 1st. JPMorgan Chase & Co. cut their price target on shares of Uniti Group from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Friday, July 31st. TD Cowen reduced their target price on Uniti Group from $12.00 to $11.00 and set a “buy” rating for the company in a report on Friday, July 31st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Uniti Group in a research report on Wednesday, August 19th. Finally, Citigroup boosted their price objective on shares of Uniti Group from $9.00 to $11.75 and gave the stock a “neutral” rating in a research report on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Uniti Group currently has an average rating of “Hold” and a consensus target price of $10.92.

Uniti Group Stock Performance

The stock has a fifty day moving average price of $10.27 and a 200-day moving average price of $10.30. The firm has a market cap of $2.40 billion, a PE ratio of 3.64 and a beta of 1.39.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.23). The company had revenue of $909.70 million during the quarter, compared to analysts’ expectations of $884.82 million. Uniti Group had a net margin of 28.68% and a negative return on equity of 133.07%. As a group, equities analysts predict that Uniti Group Inc. will post -2.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Corient Private Wealth LP acquired a new stake in shares of Uniti Group in the 2nd quarter valued at about $178,000. California State Teachers Retirement System grew its stake in shares of Uniti Group by 1,332.0% in the second quarter. California State Teachers Retirement System now owns 2,456,794 shares of the real estate investment trust’s stock worth $28,179,000 after purchasing an additional 2,285,235 shares in the last quarter. BTG Pactual Asset Management US LLC bought a new position in Uniti Group in the 2nd quarter valued at about $1,583,000. Public Employees Retirement System of Ohio bought a new position in shares of Uniti Group in the second quarter valued at approximately $95,000. Finally, Bank of New York Mellon Corp bought a new position in Uniti Group during the 2nd quarter valued at $15,701,000. Institutional investors and hedge funds own 87.51% of the company’s stock.

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.