Uniti Group (NASDAQ:UNIT) Shares Up 2.6% – Still a Buy?

Uniti Group Inc. (NASDAQ:UNIT) shares were up 2.6% during mid-day trading on Friday . The company traded as high as $4.88 and last traded at $4.97. Approximately 1,098,403 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 2,662,086 shares. The stock had previously closed at $4.84.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on UNIT. Raymond James raised Uniti Group from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $6.00 to $8.00 in a report on Monday, February 24th. Royal Bank of Canada lifted their price target on shares of Uniti Group from $5.50 to $6.00 and gave the stock a “sector perform” rating in a research note on Monday, December 23rd.

Uniti Group Stock Performance

The firm has a 50-day moving average of $5.39 and a 200-day moving average of $5.54. The firm has a market capitalization of $1.20 billion, a P/E ratio of 12.02 and a beta of 1.70.

Uniti Group (NASDAQ:UNIT) last posted its earnings results on Friday, February 21st. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. Uniti Group had a negative return on equity of 4.12% and a net margin of 8.82%. The company had revenue of $293.32 million for the quarter, compared to analysts’ expectations of $294.59 million. Equities analysts anticipate that Uniti Group Inc. will post 1.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Uniti Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Golden State Equity Partners raised its position in shares of Uniti Group by 9.5% in the 4th quarter. Golden State Equity Partners now owns 23,105 shares of the real estate investment trust’s stock worth $127,000 after acquiring an additional 2,000 shares in the last quarter. Franklin Resources Inc. raised its holdings in Uniti Group by 2.2% in the third quarter. Franklin Resources Inc. now owns 106,104 shares of the real estate investment trust’s stock worth $572,000 after purchasing an additional 2,328 shares in the last quarter. State of Alaska Department of Revenue lifted its position in Uniti Group by 0.9% during the fourth quarter. State of Alaska Department of Revenue now owns 255,119 shares of the real estate investment trust’s stock valued at $1,402,000 after buying an additional 2,397 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Uniti Group by 10.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,834 shares of the real estate investment trust’s stock valued at $137,000 after buying an additional 2,447 shares in the last quarter. Finally, Arizona State Retirement System grew its position in shares of Uniti Group by 3.6% in the 4th quarter. Arizona State Retirement System now owns 70,798 shares of the real estate investment trust’s stock worth $389,000 after buying an additional 2,460 shares during the period. Hedge funds and other institutional investors own 87.51% of the company’s stock.

Uniti Group Company Profile

Uniti Group, Inc is a real estate investment trust company, which engages in the acquisition, construction, and leasing of properties. It operates through the following business segments: Uniti Leasing, Uniti Fiber, and Corporate. The Uniti Leasing segment involves mission-critical communications assets on exclusive or shared-tenant basis, and dark fiber network.