Uniti Group (NASDAQ:UNIT) Trading Down 9.5% – Should You Sell?

Uniti Group Inc. (NASDAQ:UNIT)’s stock price was down 9.5% on Thursday . The company traded as low as $5.00 and last traded at $5.06. Approximately 291,427 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 2,649,653 shares. The stock had previously closed at $5.59.

Analyst Ratings Changes

Separately, Royal Bank of Canada reiterated a “sector perform” rating and set a $5.50 price target on shares of Uniti Group in a research report on Thursday, August 29th.

Uniti Group Price Performance

The stock has a market capitalization of $1.29 billion, a P/E ratio of 264.13 and a beta of 1.29. The stock has a 50 day moving average price of $5.28 and a 200-day moving average price of $4.30.

Uniti Group (NASDAQ:UNIT) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.28). Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. The company had revenue of $294.90 million for the quarter, compared to the consensus estimate of $289.97 million. During the same quarter in the previous year, the business earned $0.34 earnings per share. Uniti Group’s revenue was up 3.9% compared to the same quarter last year. Research analysts predict that Uniti Group Inc. will post 1.31 earnings per share for the current fiscal year.

Insider Transactions at Uniti Group

In other Uniti Group news, SVP Ronald J. Mudry sold 28,693 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $3.94, for a total transaction of $113,050.42. Following the completion of the sale, the senior vice president now owns 513,761 shares of the company’s stock, valued at $2,024,218.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Uniti Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Jupiter Asset Management Ltd. raised its holdings in shares of Uniti Group by 174.0% during the first quarter. Jupiter Asset Management Ltd. now owns 680,461 shares of the real estate investment trust’s stock valued at $4,015,000 after acquiring an additional 432,158 shares in the last quarter. Inspire Investing LLC increased its position in shares of Uniti Group by 219.9% during the first quarter. Inspire Investing LLC now owns 210,840 shares of the real estate investment trust’s stock valued at $1,244,000 after buying an additional 144,933 shares during the period. Daiwa Securities Group Inc. raised its stake in Uniti Group by 7.2% in the first quarter. Daiwa Securities Group Inc. now owns 75,441 shares of the real estate investment trust’s stock worth $445,000 after buying an additional 5,062 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Uniti Group by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 80,661 shares of the real estate investment trust’s stock worth $476,000 after buying an additional 6,798 shares during the period. Finally, Mizuho Markets Americas LLC lifted its holdings in Uniti Group by 21.2% in the first quarter. Mizuho Markets Americas LLC now owns 1,363,762 shares of the real estate investment trust’s stock worth $8,046,000 after buying an additional 239,000 shares during the period. Hedge funds and other institutional investors own 87.51% of the company’s stock.

About Uniti Group

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of fiber and other wireless solutions for the communications industry. As of December 31, 2023, Uniti owns approximately 140,000 fiber route miles, 8.5 million fiber strand miles, and other communications real estate throughout the United States.