Uniti Group (NASDAQ:UNIT) Stock Rating Reaffirmed by Royal Bank of Canada

Uniti Group (NASDAQ:UNIT)‘s stock had its “sector perform” rating restated by research analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $5.50 price target on the real estate investment trust’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 26.15% from the company’s previous close.

Separately, Raymond James downgraded Uniti Group from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the stock from $8.00 to $6.00 in a research report on Monday, May 6th.

Uniti Group Price Performance

Uniti Group stock opened at $4.36 on Thursday. The business has a 50 day moving average of $3.69 and a 200-day moving average of $4.46. The company has a market capitalization of $1.05 billion, a P/E ratio of 72.67 and a beta of 1.29. Uniti Group has a 1 year low of $2.57 and a 1 year high of $6.71.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.28). The business had revenue of $294.90 million for the quarter, compared to the consensus estimate of $289.97 million. Uniti Group had a net margin of 0.79% and a negative return on equity of 0.37%. Uniti Group’s revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 EPS. Equities analysts anticipate that Uniti Group will post 1.39 EPS for the current year.

Insider Buying and Selling

In other Uniti Group news, SVP Ronald J. Mudry sold 28,693 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $3.94, for a total transaction of $113,050.42. Following the sale, the senior vice president now owns 513,761 shares of the company’s stock, valued at $2,024,218.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.39% of the stock is owned by insiders.

Institutional Trading of Uniti Group

Several large investors have recently modified their holdings of UNIT. Nomura Holdings Inc. boosted its stake in Uniti Group by 94.1% during the fourth quarter. Nomura Holdings Inc. now owns 588,078 shares of the real estate investment trust’s stock worth $3,399,000 after acquiring an additional 285,112 shares in the last quarter. Jupiter Asset Management Ltd. raised its holdings in shares of Uniti Group by 174.0% during the first quarter. Jupiter Asset Management Ltd. now owns 680,461 shares of the real estate investment trust’s stock valued at $4,015,000 after purchasing an additional 432,158 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Uniti Group by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,858,573 shares of the real estate investment trust’s stock valued at $39,643,000 after buying an additional 414,810 shares during the period. New York Life Investment Management LLC increased its position in Uniti Group by 554.5% in the 4th quarter. New York Life Investment Management LLC now owns 1,174,712 shares of the real estate investment trust’s stock valued at $6,790,000 after buying an additional 995,218 shares in the last quarter. Finally, Inspire Investing LLC raised its stake in Uniti Group by 219.9% during the 1st quarter. Inspire Investing LLC now owns 210,840 shares of the real estate investment trust’s stock worth $1,244,000 after buying an additional 144,933 shares during the period. Institutional investors and hedge funds own 87.51% of the company’s stock.

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.