Uniti Group (NASDAQ:UNIT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Uniti Group (NASDAQ:UNIT) had its price target upped by equities researchers at Wells Fargo & Company from $7.00 to $8.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price points to a potential downside of 0.62% from the stock’s previous close.

Several other research firms also recently weighed in on UNIT. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Uniti Group in a report on Monday, December 29th. Raymond James Financial reissued a “strong-buy” rating and set a $11.00 target price on shares of Uniti Group in a research note on Tuesday. Wall Street Zen lowered shares of Uniti Group from a “hold” rating to a “sell” rating in a research note on Sunday, March 1st. Finally, Barclays set a $8.00 price objective on shares of Uniti Group in a report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Uniti Group presently has a consensus rating of “Hold” and an average price target of $7.86.

Uniti Group Price Performance

Shares of Uniti Group stock opened at $8.05 on Thursday. The business’s fifty day moving average price is $7.71 and its two-hundred day moving average price is $6.84. The company has a market capitalization of $1.19 billion, a P/E ratio of 2.13 and a beta of 1.50. Uniti Group has a 1-year low of $5.30 and a 1-year high of $11.73.

Uniti Group (NASDAQ:UNIT) last announced its quarterly earnings results on Monday, March 2nd. The real estate investment trust reported ($1.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.73). Uniti Group had a negative return on equity of 2.52% and a net margin of 55.60%.The business had revenue of $917.30 million for the quarter, compared to analyst estimates of $909.44 million. During the same quarter last year, the firm posted $0.35 EPS. The company’s revenue was up 212.8% compared to the same quarter last year. On average, research analysts expect that Uniti Group will post 1.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP raised its position in Uniti Group by 775.7% in the second quarter. Allworth Financial LP now owns 7,811 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 6,919 shares in the last quarter. Hilton Head Capital Partners LLC bought a new position in shares of Uniti Group during the 4th quarter valued at about $40,000. Osaic Holdings Inc. grew its stake in shares of 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 worth $46,000 after purchasing an additional 1,795 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of Uniti Group in the 4th quarter worth approximately $72,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of Uniti Group in the 3rd quarter worth approximately $75,000. 87.51% of the stock is owned by institutional investors and hedge funds.

Uniti Group Company Profile

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.