Uniti Group (NASDAQ:UNIT) Issues FY 2024 Earnings Guidance

Uniti Group (NASDAQ:UNIT) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 1.230-1.300 for the period, compared to the consensus earnings per share estimate of 1.350. The company issued revenue guidance of $1.2 billion-$1.2 billion, compared to the consensus revenue estimate of $1.2 billion.

Uniti Group Stock Down 5.5 %

UNIT stock traded down $0.31 during midday trading on Thursday, hitting $5.28. The company’s stock had a trading volume of 1,229,474 shares, compared to its average volume of 2,654,098. Uniti Group has a 1 year low of $2.57 and a 1 year high of $6.71. The stock’s 50-day moving average price is $5.25 and its 200 day moving average price is $4.30. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 84.33 and a beta of 1.29.

Uniti Group (NASDAQ:UNIT) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.28). The firm had revenue of $294.90 million for the quarter, compared to the consensus estimate of $289.97 million. Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. The firm’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS. As a group, equities analysts forecast that Uniti Group will post 1.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Royal Bank of Canada reissued a “sector perform” rating and set a $5.50 target price on shares of Uniti Group in a report on Thursday, August 29th.

Insider Activity at Uniti Group

In related news, SVP Ronald J. Mudry sold 28,693 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $3.94, for a total transaction of $113,050.42. Following the completion of the transaction, the senior vice president now directly owns 513,761 shares in the company, valued at $2,024,218.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.39% of the stock is owned by corporate insiders.

Uniti Group Company Profile

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of fiber and other wireless solutions for the communications industry. As of December 31, 2023, Uniti owns approximately 140,000 fiber route miles, 8.5 million fiber strand miles, and other communications real estate throughout the United States.