Uniti Group (NASDAQ:UNIT) Trading Down 7.9% on Disappointing Earnings

Uniti Group Inc. (NASDAQ:UNIT) shares traded down 7.9% on Tuesday following a dissappointing earnings announcement. The company traded as low as $7.44 and last traded at $7.45. 919,517 shares were traded during trading, a decline of 17% from the average session volume of 1,107,025 shares. The stock had previously closed at $8.09.

The real estate investment trust reported $0.36 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.06). Uniti Group had a net margin of 2.96% and a negative return on equity of 1.43%. The business had revenue of $300.73 million during the quarter, compared to analyst estimates of $304.06 million. During the same period last year, the company earned $0.34 EPS. The business’s revenue for the quarter was up 2.0% on a year-over-year basis.

Analysts Set New Price Targets

Several equities analysts recently issued reports on UNIT shares. Citigroup reissued a “neutral” rating and set a $5.30 target price on shares of Uniti Group in a research note on Friday, May 16th. Wells Fargo & Company decreased their target price on Uniti Group from $5.00 to $4.50 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in UNIT. KBC Group NV acquired a new stake in Uniti Group during the 1st quarter worth approximately $28,000. Park Avenue Securities LLC acquired a new stake in Uniti Group during the 2nd quarter worth approximately $45,000. American Century Companies Inc. acquired a new stake in Uniti Group during the 1st quarter worth approximately $65,000. Inspire Advisors LLC acquired a new stake in Uniti Group during the 1st quarter worth approximately $66,000. Finally, Pinnacle Wealth Management Advisory Group LLC acquired a new stake in Uniti Group during the 1st quarter worth approximately $67,000. Hedge funds and other institutional investors own 87.51% of the company’s stock.

Uniti Group Stock Performance

The business has a 50-day simple moving average of $4.70 and a two-hundred day simple moving average of $4.92. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 16.81 and a beta of 1.47.

Uniti Group Company Profile

Uniti Group, Inc is a real estate investment trust company, which engages in the acquisition, construction, and leasing of properties. It operates through the following business segments: Uniti Leasing, Uniti Fiber, and Corporate. The Uniti Leasing segment involves mission-critical communications assets on exclusive or shared-tenant basis, and dark fiber network.