Uniti Group (NASDAQ:UNIT) Sees Large Volume Increase

Uniti Group Inc. (NASDAQ:UNIT) shares saw unusually-high trading volume on Thursday . Approximately 1,540,877 shares were traded during mid-day trading, a decline of 41% from the previous session’s volume of 2,603,796 shares.The stock last traded at $5.16 and had previously closed at $4.70.

Analysts Set New Price Targets

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

Uniti Group Stock Performance

The company has a market cap of $1.26 billion, a P/E ratio of 87.67 and a beta of 1.29. The business has a fifty day simple moving average of $3.85 and a 200 day simple moving average of $4.45.

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). The firm had revenue of $294.90 million for the quarter, compared to analyst estimates of $289.97 million. Uniti Group had a net margin of 0.79% and a negative return on equity of 0.37%. The business’s revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.34 earnings per share. Equities research analysts expect that Uniti Group Inc. will post 1.39 EPS for the current year.

Insider Activity

In other Uniti Group news, SVP Ronald J. Mudry sold 28,693 shares of Uniti Group stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $3.94, for a total value of $113,050.42. Following the completion of the transaction, the senior vice president now directly owns 513,761 shares in the company, valued at $2,024,218.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Uniti Group

Several large investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Uniti Group in the second quarter valued at approximately $28,000. Meeder Advisory Services Inc. bought a new position in Uniti Group in the 2nd quarter worth approximately $36,000. Everhart Financial Group Inc. acquired a new stake in Uniti Group in the 2nd quarter valued at approximately $41,000. Choreo LLC bought a new stake in Uniti Group during the 2nd quarter valued at $41,000. Finally, GAMMA Investing LLC boosted its position in Uniti Group by 49.8% during the 1st quarter. GAMMA Investing LLC now owns 8,906 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 2,960 shares during the period. 87.51% of the stock is owned by institutional investors and hedge funds.

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.