Raymond James Downgrades Uniti Group (NASDAQ:UNIT) to Outperform

Uniti Group (NASDAQ:UNIT) was downgraded by research analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a report issued on Monday, Briefing.com reports. They currently have a $6.00 target price on the real estate investment trust’s stock, down from their previous target price of $8.00. Raymond James’ price target would suggest a potential upside of 35.14% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $5.50 price objective on shares of Uniti Group in a research report on Monday, March 25th. TD Cowen upped their target price on shares of Uniti Group from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Friday, March 1st.

Uniti Group Trading Down 26.4 %

Shares of Uniti Group stock opened at $4.44 on Monday. The company has a fifty day moving average price of $5.88 and a 200 day moving average price of $5.51. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 74.01 and a beta of 1.40. Uniti Group has a twelve month low of $3.22 and a twelve month high of $6.71.

Institutional Investors Weigh In On Uniti Group

Several institutional investors and hedge funds have recently bought and sold shares of UNIT. Texas Permanent School Fund Corp increased its stake in shares of Uniti Group by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 208,133 shares of the real estate investment trust’s stock valued at $1,228,000 after purchasing an additional 2,938 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of 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 valued at $445,000 after purchasing an additional 5,062 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Uniti Group by 18.7% in the first quarter. BNP Paribas Financial Markets now owns 126,095 shares of the real estate investment trust’s stock valued at $744,000 after acquiring an additional 19,830 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position 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 purchasing an additional 6,798 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Uniti Group by 7.2% in the first quarter. Principal Financial Group Inc. now owns 1,333,486 shares of the real estate investment trust’s stock worth $7,868,000 after purchasing an additional 89,402 shares during the period. Institutional investors and hedge funds 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.