Uniti Group (NASDAQ:UNIT) Shares Up 4.9% – Time to Buy?

Uniti Group Inc. (NASDAQ:UNIT) traded up 4.9% on Friday . The company traded as high as $8.00 and last traded at $7.8920. 118,178 shares changed hands during trading, a decline of 94% from the average session volume of 2,021,142 shares. The stock had previously closed at $7.52.

Wall Street Analyst Weigh In

A number of research analysts have commented on UNIT shares. Barclays set a $8.00 price target on shares of Uniti Group in a research report on Thursday. Wall Street Zen lowered shares of Uniti Group from a “hold” rating to a “sell” rating in a report on Saturday. Zacks Research raised shares of Uniti Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 9th. Weiss Ratings restated a “hold (c-)” rating on shares of Uniti Group in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. initiated coverage on Uniti Group in a report on Thursday, October 23rd. They issued a “neutral” rating and a $7.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $7.06.

Uniti Group Stock Performance

The business has a 50-day simple moving average of $7.11 and a 200 day simple moving average of $6.49. The firm has a market cap of $1.23 billion, a P/E ratio of 1.63 and a beta of 1.45.

Institutional Trading of Uniti Group

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Uniti Group by 38.9% in the 4th quarter. Vanguard Group Inc. now owns 23,202,733 shares of the real estate investment trust’s stock worth $162,651,000 after purchasing an additional 6,494,001 shares in the last quarter. King Street Capital Management L.P. increased its position in shares of Uniti Group by 36.4% during the second quarter. King Street Capital Management L.P. now owns 6,000,000 shares of the real estate investment trust’s stock valued at $25,920,000 after buying an additional 1,600,000 shares during the period. SG Americas Securities LLC raised its stake in Uniti Group by 2,208.3% in the fourth quarter. SG Americas Securities LLC now owns 995,163 shares of the real estate investment trust’s stock worth $6,976,000 after buying an additional 952,050 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Uniti Group by 36.5% in the second quarter. Thrivent Financial for Lutherans now owns 3,290,053 shares of the real estate investment trust’s stock worth $14,213,000 after buying an additional 880,394 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Uniti Group by 23.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,604,599 shares of the real estate investment trust’s stock valued at $23,207,000 after acquiring an additional 877,911 shares in the last quarter. Institutional investors own 87.51% of the company’s stock.

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.