Uniti Group (NASDAQ:UNIT) Sees Strong Trading Volume – Here’s Why

Uniti Group Inc. (NASDAQ:UNIT) saw unusually-high trading volume on Thursday . Approximately 1,784,179 shares were traded during trading, an increase of 0% from the previous session’s volume of 1,781,428 shares.The stock last traded at $6.9250 and had previously closed at $6.75.

Wall Street Analysts Forecast Growth

UNIT has been the subject of several research analyst reports. Wells Fargo & Company reduced their price target on shares of Uniti Group from $7.50 to $7.00 and set an “equal weight” rating for the company in a research report on Friday, November 7th. Barclays began coverage on Uniti Group in a research report on Friday, October 3rd. They set an “equal weight” rating and a $6.00 price target for the company. JPMorgan Chase & Co. initiated coverage on shares of Uniti Group in a research note on Thursday, October 23rd. They set a “neutral” rating and a $7.00 target price on the stock. Zacks Research upgraded shares of Uniti Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 9th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Uniti Group in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Uniti Group presently has an average rating of “Hold” and a consensus price target of $6.55.

Uniti Group Stock Up 6.6%

The business’s 50-day simple moving average is $6.10 and its two-hundred day simple moving average is $5.70. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 1.42 and a beta of 1.49.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP lifted its position in shares of Uniti Group by 775.7% during the second quarter. Allworth Financial LP now owns 7,811 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 6,919 shares in the last quarter. Park Avenue Securities LLC acquired a new stake in Uniti Group during the 2nd quarter worth approximately $45,000. Osaic Holdings Inc. boosted its position in Uniti Group by 20.6% in the 2nd quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 1,795 shares during the period. American Century Companies Inc. acquired a new position in shares of Uniti Group in the first quarter worth $65,000. Finally, QRG Capital Management Inc. acquired a new position in shares of Uniti Group in the second quarter worth $68,000. 87.51% of the stock is currently owned by hedge funds and other institutional investors.

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.