Uniti Group (NASDAQ:UNIT) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Uniti Group Inc. (NASDAQ:UNIT) passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $7.88 and traded as high as $7.94. Uniti Group shares last traded at $7.89, with a volume of 1,956,782 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on UNIT. Wall Street Zen lowered Uniti Group from a “hold” rating to a “sell” rating in a report on Sunday, March 1st. Citigroup upped their target price on Uniti Group from $8.80 to $9.00 and gave the company a “neutral” rating in a research report on Monday, March 9th. Zacks Research downgraded Uniti Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 5th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $11.00 price target on shares of Uniti Group in a research report on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Uniti Group in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Uniti Group currently has an average rating of “Hold” and an average target price of $8.60.

Uniti Group Price Performance

The business’s 50 day simple moving average is $7.88 and its 200 day simple moving average is $6.98. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 2.09 and a beta of 1.50.

Uniti Group (NASDAQ:UNIT) last announced its earnings results on Monday, March 2nd. The real estate investment trust reported ($1.19) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.73). Uniti Group had a negative return on equity of 2.52% and a net margin of 55.60%.The business had revenue of $917.30 million for the quarter, compared to analyst estimates of $909.44 million. During the same quarter last year, the company posted $0.35 EPS. Uniti Group’s quarterly revenue was up 212.8% on a year-over-year basis. As a group, analysts expect that Uniti Group Inc. will post 1.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Uniti Group

Large investors have recently modified their holdings of the stock. Hilton Head Capital Partners LLC acquired a new position in Uniti Group in the 4th quarter valued at $40,000. Osaic Holdings Inc. raised its position in Uniti Group by 20.6% during the 2nd quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 1,795 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Uniti Group in the 4th quarter worth $72,000. FNY Investment Advisers LLC acquired a new stake in shares of Uniti Group in the 3rd quarter worth $75,000. Finally, Cibc World Markets Corp purchased a new stake in shares of Uniti Group in the fourth quarter valued at about $78,000. Hedge funds and other institutional investors own 87.51% of the company’s stock.

About Uniti Group

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.