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

Uniti Group Inc. (NASDAQ:UNIT) passed below its 50 day moving average during trading on Tuesday . The stock has a 50 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 trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on UNIT shares. UBS Group set a $12.00 price objective on shares of Uniti Group in a research report on Tuesday, May 12th. Barclays upped their price objective on Uniti Group from $11.00 to $13.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 1st. Williams Trading set a $12.00 target price on shares of Uniti Group in a report on Tuesday, May 12th. Weiss Ratings restated a “hold (c+)” rating on shares of Uniti Group in a research report on Wednesday, August 19th. Finally, TD Cowen decreased their price objective on shares of Uniti Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $10.92.

Uniti Group Stock Up 0.8%

The company has a fifty day moving average price of $10.31 and a 200-day moving average price of $10.28. The stock 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 issued its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $884.82 million. As a group, research analysts expect that Uniti Group Inc. will post -2.09 earnings per share for the current fiscal year.

Institutional Trading of Uniti Group

A number of large investors have recently made changes to their positions in UNIT. Mackenzie Financial Corp increased its stake in Uniti Group by 12.5% in the 4th quarter. Mackenzie Financial Corp now owns 12,202 shares of the real estate investment trust’s stock worth $84,000 after buying an additional 1,352 shares during the period. Hilton Head Capital Partners LLC boosted 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 buying an additional 1,494 shares during the period. Daiwa Securities Group Inc. grew its stake in Uniti Group by 2.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 84,017 shares of the real estate investment trust’s stock worth $363,000 after acquiring an additional 1,629 shares in the last quarter. Osaic Holdings Inc. grew its stake in Uniti Group by 20.6% in the 2nd 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 in the last quarter. Finally, Xponance LLC increased its position 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 worth $92,000 after acquiring an additional 1,944 shares during the period. 87.51% of the stock is owned by hedge funds and other institutional investors.

Uniti Group Company Profile

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.