Uniti Group (NASDAQ:UNIT) Issues FY 2024 Earnings Guidance

Uniti Group (NASDAQ:UNIT) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 1.230-1.300 for the period, compared to the consensus EPS estimate of 1.350. The company issued revenue guidance of $1.2 billion-$1.2 billion, compared to the consensus revenue estimate of $1.2 billion.

Uniti Group Price Performance

UNIT traded up $0.21 on Friday, hitting $5.28. The company had a trading volume of 1,879,596 shares, compared to its average volume of 2,118,577. The company’s fifty day moving average price is $5.28 and its 200 day moving average price is $4.30. Uniti Group has a 1-year low of $2.57 and a 1-year high of $6.71. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 12.88 and a beta of 1.31.

Uniti Group (NASDAQ:UNIT) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.28). The business 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 4.12% and a net margin of 8.82%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.34 earnings per share. On average, sell-side analysts forecast that Uniti Group will post 1.31 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Activity

In other Uniti Group news, SVP Ronald J. Mudry sold 28,693 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $3.94, for a total value of $113,050.42. Following the transaction, the senior vice president now owns 513,761 shares of the company’s stock, valued at approximately $2,024,218.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.39% of the stock is currently owned by insiders.

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.