Citigroup Issues Positive Forecast for Uniti Group (NASDAQ:UNIT) Stock Price

Uniti Group (NASDAQ:UNIT) had its price objective increased by Citigroup from $8.80 to $9.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on the company. Zacks Research cut Uniti Group from a “hold” rating to a “strong sell” rating in a report on Thursday, March 5th. Raymond James Financial reissued a “strong-buy” rating and set a $11.00 target price on shares of Uniti Group in a report on Tuesday, March 3rd. Weiss Ratings restated a “hold (c-)” rating on shares of Uniti Group in a research report on Monday, December 29th. Wall Street Zen lowered Uniti Group from a “hold” rating to a “sell” rating in a research note on Sunday, March 1st. Finally, Barclays set a $8.00 price target on Uniti Group in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Uniti Group presently has an average rating of “Hold” and an average target price of $8.60.

Uniti Group Stock Performance

Shares of NASDAQ UNIT opened at $8.24 on Monday. The firm has a fifty day moving average of $7.74 and a 200 day moving average of $6.86. The firm has a market cap of $1.22 billion, a PE ratio of 2.18 and a beta of 1.50. Uniti Group has a one year low of $5.30 and a one year high of $11.73.

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

Institutional Investors Weigh In On Uniti Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Allworth Financial LP boosted its stake in Uniti Group by 775.7% during the second quarter. Allworth Financial LP now owns 7,811 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 6,919 shares during the last quarter. Hilton Head Capital Partners LLC purchased a new stake in Uniti Group in the 4th quarter valued at $40,000. Osaic Holdings Inc. increased its stake in shares of Uniti Group by 20.6% in the 2nd quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock worth $46,000 after acquiring 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. Finally, FNY Investment Advisers LLC purchased a new position in shares of Uniti Group during the 3rd quarter worth $75,000. Institutional investors and hedge funds 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.