Uniti Group (NASDAQ:UNIT) Shares Down 9.6%

Shares of Uniti Group Inc. (NASDAQ:UNIT) dropped 9.6% during mid-day trading on Monday . The stock traded as low as $3.51 and last traded at $3.66. Approximately 733,044 shares changed hands during trading, a decline of 72% from the average daily volume of 2,590,594 shares. The stock had previously closed at $4.05.

Wall Street Analyst Weigh In

Separately, Raymond James downgraded shares of Uniti Group from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the stock from $8.00 to $6.00 in a report on Monday, May 6th.

Uniti Group Price Performance

The stock has a market capitalization of $886.56 million, a price-to-earnings ratio of 62.34 and a beta of 1.29. The company has a 50-day simple moving average of $3.21 and a two-hundred day simple moving average of $4.59.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.28). The firm had revenue of $294.90 million for 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%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.34 EPS. Research analysts anticipate that Uniti Group Inc. will post 1.39 EPS for the current year.

Institutional Trading of Uniti Group

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new position in shares of Uniti Group in the fourth quarter worth $31,000. Everhart Financial Group Inc. bought a new position in Uniti Group in the 2nd quarter valued at about $41,000. B. Riley Wealth Advisors Inc. acquired a new position in Uniti Group during the 1st quarter valued at about $75,000. Optas LLC acquired a new position in Uniti Group during the 2nd quarter valued at about $79,000. Finally, CWM LLC raised its position in shares of Uniti Group by 56.3% during the 2nd quarter. CWM LLC now owns 31,229 shares of the real estate investment trust’s stock worth $91,000 after buying an additional 11,255 shares in the last quarter. 87.51% of the stock is currently owned by institutional investors and hedge funds.

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.