Uniti Group (NASDAQ:UNIT) Stock Price Down 5.5% – Time to Sell?

Uniti Group Inc. (NASDAQ:UNIT) shares fell 5.5% during trading on Tuesday . The company traded as low as $7.73 and last traded at $7.6150. 617,357 shares changed hands during trading, a decline of 70% from the average session volume of 2,024,311 shares. The stock had previously closed at $8.06.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on UNIT. Wall Street Zen upgraded Uniti Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 21st. Barclays set a $8.00 price target on Uniti Group in a research note on Thursday, January 29th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Uniti Group in a research note on Monday, December 29th. Finally, Wells Fargo & Company cut their price objective on Uniti Group from $7.50 to $7.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.83.

Uniti Group Price Performance

The business has a 50 day simple moving average of $7.63 and a 200 day simple moving average of $6.78. The company has a market cap of $1.11 billion, a price-to-earnings ratio of 1.47 and a beta of 1.47.

Hedge Funds Weigh In On Uniti Group

Several hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP lifted its stake in Uniti Group by 775.7% in the 2nd quarter. Allworth Financial LP now owns 7,811 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 6,919 shares in the last quarter. Hilton Head Capital Partners LLC acquired a new stake in shares of Uniti Group during the 4th quarter worth about $40,000. Osaic Holdings Inc. boosted its holdings in shares of Uniti Group by 20.6% during the second quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 1,795 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in Uniti Group in the 4th quarter valued at $72,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Uniti Group in the third quarter valued at about $75,000. 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.