Uniti Group Inc. (NASDAQ:UNIT) Receives $6.86 Average Target Price from Brokerages

Shares of Uniti Group Inc. (NASDAQ:UNIT) have been assigned a consensus rating of “Hold” from the seven brokerages that are covering the stock, MarketBeat reports. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $6.86.

UNIT has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Uniti Group in a research report on Monday, December 29th. JPMorgan Chase & Co. initiated coverage on shares of Uniti Group in a research report on Thursday, October 23rd. They set a “neutral” rating and a $7.00 price target for the company. Wall Street Zen raised Uniti Group from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Research upgraded Uniti Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 9th. Finally, Wells Fargo & Company lowered their target price on Uniti Group from $7.50 to $7.00 and set an “equal weight” rating for the company in a research note on Friday, November 7th.

Institutional Investors Weigh In On Uniti Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UNIT. King Street Capital Management L.P. lifted its position in Uniti Group by 36.4% during the 2nd quarter. King Street Capital Management L.P. now owns 6,000,000 shares of the real estate investment trust’s stock worth $25,920,000 after buying an additional 1,600,000 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Uniti Group by 23.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,604,599 shares of the real estate investment trust’s stock worth $23,207,000 after buying an additional 877,911 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Uniti Group by 36.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 3,290,053 shares of the real estate investment trust’s stock worth $14,213,000 after purchasing an additional 880,394 shares during the last quarter. Bracebridge Capital LLC raised its stake in shares of Uniti Group by 33.0% in the second quarter. Bracebridge Capital LLC now owns 3,234,638 shares of the real estate investment trust’s stock valued at $13,974,000 after buying an additional 802,600 shares during the period. Finally, Marshall Wace LLP lifted its holdings in Uniti Group by 4.0% during the second quarter. Marshall Wace LLP now owns 2,991,433 shares of the real estate investment trust’s stock valued at $12,923,000 after purchasing an additional 113,792 shares during the last quarter. Hedge funds and other institutional investors own 87.51% of the company’s stock.

Uniti Group Price Performance

NASDAQ UNIT opened at $7.51 on Thursday. Uniti Group has a 1-year low of $5.30 and a 1-year high of $12.34. The firm has a market capitalization of $1.11 billion, a P/E ratio of 1.47 and a beta of 1.45. The business’s 50-day simple moving average is $6.85 and its 200-day simple moving average is $6.27.

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.