Uniti Group (NASDAQ:UNIT) Stock Price Up 6.4%

Shares of Uniti Group Inc. (NASDAQ:UNIT) rose 6.4% during trading on Friday . The stock traded as high as $5.78 and last traded at $5.78. Approximately 907,305 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 2,717,861 shares. The stock had previously closed at $5.43.

Analysts Set New Price Targets

Separately, Royal Bank of Canada restated a “sector perform” rating and set a $5.50 price objective on shares of Uniti Group in a research report on Thursday, August 29th.

Uniti Group Stock Up 7.6 %

The stock has a market capitalization of $1.40 billion, a PE ratio of 97.33 and a beta of 1.28. The business’s fifty day moving average is $4.52 and its two-hundred day moving average is $4.38.

Uniti Group (NASDAQ:UNIT) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.28). The business had revenue of $294.90 million during the quarter, compared to the consensus estimate of $289.97 million. Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. During the same quarter last year, the firm earned $0.34 earnings per share. The business’s quarterly revenue was up 3.9% on a year-over-year basis. Sell-side analysts expect that Uniti Group Inc. will post 1.31 EPS for the current fiscal year.

Insider Transactions at Uniti Group

In related news, SVP Ronald J. Mudry sold 28,693 shares of the stock in a transaction on Tuesday, August 6th. The stock was 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 in the company, valued at approximately $2,024,218.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Uniti Group

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Uniti Group by 1.4% in the first quarter. Vanguard Group Inc. now owns 38,442,169 shares of the real estate investment trust’s stock worth $226,809,000 after purchasing an additional 542,485 shares during the last quarter. LSV Asset Management boosted its holdings in Uniti Group by 1.3% during the 1st quarter. LSV Asset Management now owns 7,276,879 shares of the real estate investment trust’s stock valued at $42,934,000 after acquiring an additional 91,408 shares during the period. Davidson Kempner Capital Management LP grew its position in Uniti Group by 17.7% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 5,480,000 shares of the real estate investment trust’s stock valued at $16,002,000 after acquiring an additional 825,000 shares during the last quarter. AQR Capital Management LLC grew its position in Uniti Group by 244.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,254,810 shares of the real estate investment trust’s stock valued at $6,584,000 after acquiring an additional 1,600,628 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Uniti Group by 4.2% in the second quarter. Bank of New York Mellon Corp now owns 1,869,032 shares of the real estate investment trust’s stock worth $5,458,000 after purchasing an additional 74,832 shares during the period. 87.51% of the stock is currently owned by institutional investors.

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.