Uniti Group Inc (NASDAQ:UNIT) Short Interest Update

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Uniti Group Inc (NASDAQ:UNIT) saw a large decline in short interest during the month of March. As of March 13th, there was short interest totalling 21,790,500 shares, a decline of 20.2% from the February 27th total of 27,310,000 shares. Based on an average daily volume of 3,977,200 shares, the days-to-cover ratio is currently 5.5 days. Currently, 12.5% of the shares of the stock are short sold.

A number of equities analysts recently issued reports on UNIT shares. JPMorgan Chase & Co. upgraded shares of Uniti Group to a “hold” rating and set a $8.00 price objective for the company in a research report on Friday, March 13th. Zacks Investment Research upgraded shares of Uniti Group from a “sell” rating to a “hold” rating in a research report on Saturday, January 11th. Raymond James raised shares of Uniti Group from a “market perform” rating to an “outperform” rating and set a $13.00 target price on the stock in a research note on Monday, March 2nd. Cowen upgraded shares of Uniti Group from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $11.00 to $13.00 in a report on Monday, March 2nd. Finally, ValuEngine cut Uniti Group from a “hold” rating to a “sell” rating in a research note on Wednesday, March 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Uniti Group currently has a consensus rating of “Hold” and an average target price of $10.19.

NASDAQ:UNIT opened at $6.50 on Friday. The stock has a market cap of $1.21 billion, a P/E ratio of 130.00 and a beta of 0.33. The stock’s 50-day moving average is $8.35 and its 200-day moving average is $7.61. Uniti Group has a 1-year low of $5.00 and a 1-year high of $12.79.

Uniti Group (NASDAQ:UNIT) last issued its quarterly earnings data on Thursday, March 12th. The real estate investment trust reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.54). Uniti Group had a net margin of 0.84% and a negative return on equity of 0.60%. The business had revenue of $268.50 million during the quarter, compared to the consensus estimate of $273.78 million. During the same quarter last year, the business earned $0.05 EPS. The firm’s quarterly revenue was down .8% compared to the same quarter last year. Equities analysts forecast that Uniti Group will post 1.73 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 9.23%. The ex-dividend date is Monday, March 30th. Uniti Group’s payout ratio is currently 42.31%.

Several hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its position in shares of Uniti Group by 2,168.8% during the 4th quarter. Meeder Asset Management Inc. now owns 5,445 shares of the real estate investment trust’s stock worth $45,000 after buying an additional 5,205 shares during the period. Quantbot Technologies LP boosted its stake in Uniti Group by 186.9% during the fourth quarter. Quantbot Technologies LP now owns 7,502 shares of the real estate investment trust’s stock worth $61,000 after acquiring an additional 4,887 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Uniti Group in the third quarter worth $62,000. Beech Hill Advisors Inc. acquired a new stake in Uniti Group in the fourth quarter worth $82,000. Finally, Van ECK Associates Corp bought a new stake in Uniti Group in the fourth quarter valued at $86,000. 88.12% of the stock is owned by hedge funds and other 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 wireless infrastructure solutions for the communications industry. As of December 31, 2018, Uniti owns 5.5 million fiber strand miles, approximately 928 wireless towers, and other communications real estate throughout the United States and Latin America.

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