Uniti Group (NASDAQ:UNIT) Stock Price Up 5.8% – Still a Buy?

Uniti Group Inc. (NASDAQ:UNIT)’s share price rose 5.8% during mid-day trading on Tuesday . The stock traded as high as $5.71 and last traded at $5.70. Approximately 1,367,536 shares changed hands during trading, a decline of 49% from the average daily volume of 2,684,399 shares. The stock had previously closed at $5.39.

Analyst Ratings Changes

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

Uniti Group Trading Up 5.6 %

The company’s 50 day simple moving average is $4.91 and its 200-day simple moving average is $4.30. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 89.83 and a beta of 1.29.

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

Insider Activity at Uniti Group

In related news, SVP Ronald J. Mudry sold 28,693 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $3.94, for a total value of $113,050.42. Following the completion of the sale, the senior vice president now directly owns 513,761 shares in the company, valued at approximately $2,024,218.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Uniti Group

A number of institutional investors have recently added to or reduced their stakes in UNIT. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Uniti Group in the 2nd quarter valued at about $28,000. Meeder Advisory Services Inc. purchased a new position in Uniti Group in the second quarter valued at approximately $36,000. Everhart Financial Group Inc. purchased a new position in Uniti Group in the second quarter valued at approximately $41,000. Choreo LLC acquired a new position in Uniti Group during the second quarter valued at approximately $41,000. Finally, GAMMA Investing LLC grew its stake in Uniti Group by 49.8% during the first quarter. GAMMA Investing LLC now owns 8,906 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 2,960 shares during the period. Hedge funds and other institutional investors own 87.51% of the company’s stock.

Uniti Group Company Profile

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.