Brokerages Set Uniti Group Inc. (NASDAQ:UNIT) Target Price at $6.55

Uniti Group Inc. (NASDAQ:UNIT) has received a consensus rating of “Hold” from the seven brokerages that are presently covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $6.66.

Several research firms have recently weighed in on UNIT. Barclays assumed coverage on shares of Uniti Group in a research note on Friday, October 3rd. They set an “equal weight” rating and a $6.00 price objective on the stock. Wall Street Zen downgraded Uniti Group from a “hold” rating to a “sell” rating in a research report on Saturday. JPMorgan Chase & Co. initiated coverage on Uniti Group in a research report on Thursday, October 23rd. They issued a “neutral” rating and a $7.00 price objective for the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Uniti Group in a report on Monday. Finally, Wells Fargo & Company dropped their price target on Uniti Group from $7.50 to $7.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th.

Institutional Trading of Uniti Group

A number of hedge funds have recently modified their holdings of UNIT. Allworth Financial LP grew its stake in Uniti Group by 775.7% in the 2nd quarter. Allworth Financial LP now owns 7,811 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 6,919 shares during the last quarter. Park Avenue Securities LLC bought a new stake in shares of Uniti Group during the second quarter worth approximately $45,000. Osaic Holdings Inc. grew its position in shares of Uniti Group by 20.6% in the second quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 1,795 shares during the last quarter. American Century Companies Inc. bought a new position in shares of Uniti Group during the first quarter worth approximately $65,000. Finally, QRG Capital Management Inc. acquired a new stake in Uniti Group during the 2nd quarter worth approximately $68,000. Institutional investors and hedge funds own 87.51% of the company’s stock.

Uniti Group Trading Down 1.0%

NASDAQ:UNIT opened at $7.15 on Friday. The stock has a market capitalization of $1.06 billion, a PE ratio of 1.40 and a beta of 1.49. Uniti Group has a 1-year low of $5.30 and a 1-year high of $12.34. The firm has a fifty day simple moving average of $6.36 and a 200 day simple moving average of $5.90.

Uniti Group Company Profile

Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company’s assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.

Uniti’s portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.