Uniti Group (NASDAQ:UNIT) Stock Price Down 6% – Here’s What Happened

Shares of Uniti Group Inc. (NASDAQ:UNIT) fell 6% during mid-day trading on Thursday. The company traded as low as $7.99 and last traded at $7.8770. 239,786 shares were traded during trading, a decline of 90% from the average daily volume of 2,286,006 shares. The stock had previously closed at $8.38.

Analysts Set New Price Targets

Several brokerages have commented on UNIT. JPMorgan Chase & Co. cut their price objective on Uniti Group from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Friday, July 31st. Barclays upped their price target on shares of Uniti Group from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Uniti Group in a research note on Wednesday, August 19th. Raymond James Financial set a $16.00 price objective on shares of Uniti Group and gave the company a “strong-buy” rating in a research report on Tuesday. Finally, TD Cowen reduced their target price on shares of Uniti Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. One research 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.47.

Uniti Group Trading Down 6.5%

The firm’s 50-day moving average price is $9.79 and its two-hundred day moving average price is $10.43. The stock has a market cap of $1.90 billion, a PE ratio of 2.90 and a beta of 1.39.

Uniti Group (NASDAQ:UNIT) last posted its earnings results on Thursday, July 30th. The real estate investment trust reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.23). Uniti Group had a negative return on equity of 133.07% and a net margin of 28.68%.The company had revenue of $909.70 million for the quarter, compared to analysts’ expectations of $884.82 million. On average, analysts anticipate that Uniti Group Inc. will post -2.09 earnings per share for the current year.

Hedge Funds Weigh In On Uniti Group

Large investors have recently added to or reduced their stakes in the company. Hilton Head Capital Partners LLC purchased a new position in shares of Uniti Group in the 4th quarter worth approximately $40,000. KBC Group NV purchased a new stake in Uniti Group during the first quarter valued at approximately $43,000. Public Employees Retirement System of Ohio acquired a new stake in Uniti Group in the second quarter valued at approximately $95,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in Uniti Group in the first quarter valued at approximately $100,000. Finally, Corient Private Wealth LP purchased a new position in Uniti Group in the second quarter worth $178,000. 87.51% of the stock is currently owned by institutional investors.

Uniti Group Company Profile

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.