Uniti Group (NASDAQ:UNIT) Stock Crosses Below 50-Day Moving Average of $5.84

Shares of 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 $5.84 and traded as low as $5.32. Uniti Group shares last traded at $5.74, with a volume of 5,320,698 shares.

Analyst Ratings Changes

UNIT has been the topic of several analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $5.50 price objective on shares of Uniti Group in a report on Monday, March 25th. TD Cowen raised their price objective on Uniti Group from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Friday, March 1st.

Uniti Group Stock Up 8.1 %

The firm has a fifty day moving average price of $5.84 and a 200-day moving average price of $5.45. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -31.89 and a beta of 1.40.

Uniti Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 10.45%. The ex-dividend date of this dividend was Wednesday, March 27th. Uniti Group’s payout ratio is currently -333.31%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UNIT. Arkadios Wealth Advisors acquired a new position in Uniti Group in the third quarter valued at $70,000. SG Americas Securities LLC boosted its holdings in Uniti Group by 81.3% in the third quarter. SG Americas Securities LLC now owns 169,876 shares of the real estate investment trust’s stock valued at $802,000 after acquiring an additional 76,164 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in Uniti Group by 42,622.8% in the third quarter. Asset Management One Co. Ltd. now owns 369,125 shares of the real estate investment trust’s stock valued at $1,742,000 after acquiring an additional 368,261 shares during the last quarter. Golden State Equity Partners boosted its holdings in Uniti Group by 65.9% in the third quarter. Golden State Equity Partners now owns 256,250 shares of the real estate investment trust’s stock valued at $1,210,000 after acquiring an additional 101,800 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings 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. 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.