Raymond James Downgrades Uniti Group (NASDAQ:UNIT) to Outperform

Uniti Group (NASDAQ:UNIT) was downgraded by investment analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a report issued on Monday, MarketBeat Ratings reports. They presently have a $6.00 price target on the real estate investment trust’s stock, down from their prior price target of $8.00. Raymond James’ price objective points to a potential upside of 54.64% from the company’s current price.

A number of other research firms have also commented on UNIT. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $5.50 price target on shares of Uniti Group in a research report on Monday, March 25th. TD Cowen raised their target price on shares of Uniti Group from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Friday, March 1st.

Uniti Group Price Performance

Shares of NASDAQ UNIT opened at $3.88 on Monday. The firm has a market cap of $932.09 million, a price-to-earnings ratio of 64.68 and a beta of 1.40. The stock’s fifty day moving average price is $5.81 and its two-hundred day moving average price is $5.50. Uniti Group has a one year low of $3.39 and a one year high of $6.71.

Hedge Funds Weigh In On Uniti Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC grew its position in Uniti Group by 21.9% in the third quarter. Commonwealth Equity Services LLC now owns 17,644 shares of the real estate investment trust’s stock valued at $83,000 after acquiring an additional 3,169 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Uniti Group by 14.1% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 1,037,174 shares of the real estate investment trust’s stock worth $4,895,000 after purchasing an additional 128,281 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Uniti Group by 7.3% in the 3rd quarter. Mackenzie Financial Corp now owns 44,228 shares of the real estate investment trust’s stock valued at $197,000 after purchasing an additional 3,003 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Uniti Group by 10.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,085,187 shares of the real estate investment trust’s stock valued at $9,842,000 after buying an additional 201,997 shares in the last quarter. Finally, Park Avenue Securities LLC bought a new stake in shares of Uniti Group during the third quarter worth $59,000. 87.51% of the stock is currently owned by institutional investors and hedge funds.

About Uniti Group

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.