Uniti Group (NASDAQ:UNIT) Stock Price Crosses Below 50-Day Moving Average – What’s Next?

Uniti Group Inc. (NASDAQ:UNIT)’s stock price crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $10.31 and traded as low as $10.12. Uniti Group shares last traded at $10.25, with a volume of 1,911,843 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Barclays raised 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. JPMorgan Chase & Co. dropped their price objective on Uniti Group from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Friday, July 31st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Uniti Group in a research report on Wednesday, August 19th. UBS Group set a $12.00 target price on Uniti Group in a research note on Tuesday, May 12th. Finally, Wells Fargo & Company raised their price target on Uniti Group from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. One equities 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 company presently has a consensus rating of “Hold” and an average price target of $10.92.

Uniti Group Stock Up 0.8%

The company has a 50-day moving average of $10.31 and a two-hundred day moving average of $10.28. The company has a market capitalization of $2.49 billion, a P/E ratio of 3.78 and a beta of 1.39.

Uniti Group (NASDAQ:UNIT) last posted its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported ($0.68) EPS for the quarter, missing the consensus estimate 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 business had revenue of $909.70 million for the quarter, compared to the consensus estimate of $884.82 million. As a group, equities analysts expect that Uniti Group Inc. will post -2.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Uniti Group

Several large investors have recently modified their holdings of the stock. Mackenzie Financial Corp increased its stake in Uniti Group by 12.5% during the 4th quarter. Mackenzie Financial Corp now owns 12,202 shares of the real estate investment trust’s stock valued at $84,000 after purchasing an additional 1,352 shares in the last quarter. Hilton Head Capital Partners LLC lifted its position in Uniti Group by 26.2% in the 1st quarter. Hilton Head Capital Partners LLC now owns 7,195 shares of the real estate investment trust’s stock valued at $67,000 after acquiring an additional 1,494 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Uniti Group by 2.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 84,017 shares of the real estate investment trust’s stock valued at $363,000 after purchasing an additional 1,629 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of Uniti Group by 20.6% in the second 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. Finally, Xponance LLC lifted its holdings in shares of Uniti Group by 17.3% during the fourth quarter. Xponance LLC now owns 13,169 shares of the real estate investment trust’s stock valued at $92,000 after purchasing an additional 1,944 shares in the last quarter. Hedge funds and other institutional investors 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.