Uniti Group (NASDAQ:UNIT) Shares Down 9.6%

Uniti Group Inc. (NASDAQ:UNIT)’s stock price traded down 9.6% during trading on Monday . The company traded as low as $3.51 and last traded at $3.66. 733,044 shares were traded during mid-day trading, a decline of 72% from the average session volume of 2,590,594 shares. The stock had previously closed at $4.05.

Wall Street Analyst Weigh In

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

Uniti Group Trading Up 2.2 %

The stock’s 50 day moving average price is $3.27 and its two-hundred day moving average price is $4.57. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 70.33 and a beta of 1.29.

Uniti Group (NASDAQ:UNIT) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.28). Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. The company had revenue of $294.90 million for the quarter, compared to analyst estimates of $289.97 million. During the same quarter in the previous year, the company posted $0.34 earnings per share. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, sell-side analysts forecast that Uniti Group Inc. will post 1.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Uniti Group

In other news, SVP Ronald J. Mudry sold 28,693 shares of Uniti Group 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 completion of the transaction, the senior vice president now owns 513,761 shares of the company’s stock, valued at approximately $2,024,218.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Uniti Group

A number of large investors have recently bought and sold shares of UNIT. Nomura Holdings Inc. lifted its position in shares of Uniti Group by 94.1% in the fourth quarter. Nomura Holdings Inc. now owns 588,078 shares of the real estate investment trust’s stock valued at $3,399,000 after acquiring an additional 285,112 shares in the last quarter. Jupiter Asset Management Ltd. boosted its stake in shares of Uniti Group by 174.0% during the 1st quarter. Jupiter Asset Management Ltd. now owns 680,461 shares of the real estate investment trust’s stock worth $4,015,000 after purchasing an additional 432,158 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in 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 worth $39,643,000 after acquiring an additional 414,810 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Uniti Group by 538.0% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 685,874 shares of the real estate investment trust’s stock worth $3,978,000 after purchasing an additional 578,371 shares during the period. Finally, New York Life Investment Management LLC grew its position in shares of Uniti Group by 554.5% in the fourth 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 purchasing an additional 995,218 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.