Wells Fargo & Company Has Lowered Expectations for Uniti Group (NASDAQ:UNIT) Stock Price

Uniti Group (NASDAQ:UNIT) had its price objective cut by analysts at Wells Fargo & Company from $7.50 to $7.00 in a report released on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 7.48% from the stock’s current price.

UNIT has been the subject of a number of other research reports. Zacks Research upgraded Uniti Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 9th. JPMorgan Chase & Co. started coverage on shares of Uniti Group in a research note on Thursday, October 23rd. They issued a “neutral” rating and a $7.00 price target on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Uniti Group in a research report on Wednesday, October 8th. Barclays initiated coverage on shares of Uniti Group in a research note on Friday, October 3rd. They set an “equal weight” rating and a $6.00 price objective for the company. Finally, Wall Street Zen downgraded shares of Uniti Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Uniti Group currently has an average rating of “Hold” and a consensus target price of $6.55.

Uniti Group Trading Up 4.0%

UNIT traded up $0.25 during midday trading on Friday, reaching $6.51. The company’s stock had a trading volume of 2,336,505 shares, compared to its average volume of 1,730,375. Uniti Group has a 1 year low of $5.30 and a 1 year high of $12.62. The stock’s 50-day moving average is $6.17 and its 200-day moving average is $5.41. The firm has a market capitalization of $963.79 million, a price-to-earnings ratio of 1.27 and a beta of 1.52.

Uniti Group (NASDAQ:UNIT) last released its earnings results on Tuesday, August 5th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.06). The business had revenue of $300.73 million for the quarter, compared to analysts’ expectations of $304.06 million. Uniti Group had a net margin of 97.46% and a negative return on equity of 1.71%. Uniti Group’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.34 earnings per share. As a group, equities research analysts forecast that Uniti Group will post 1.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in UNIT. Vanguard Group Inc. boosted its holdings in Uniti Group by 0.4% in the first quarter. Vanguard Group Inc. now owns 36,996,734 shares of the real estate investment trust’s stock worth $186,464,000 after purchasing an additional 151,070 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Uniti Group by 0.7% during the 1st quarter. LSV Asset Management now owns 6,689,243 shares of the real estate investment trust’s stock valued at $33,714,000 after buying an additional 45,724 shares during the period. King Street Capital Management L.P. boosted its stake in shares of Uniti Group by 36.4% in the 2nd quarter. King Street Capital Management L.P. now owns 6,000,000 shares of the real estate investment trust’s stock worth $25,920,000 after buying an additional 1,600,000 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Uniti Group by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 4,604,599 shares of the real estate investment trust’s stock worth $23,207,000 after acquiring an additional 877,911 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in Uniti Group by 36.5% during the second quarter. Thrivent Financial for Lutherans now owns 3,290,053 shares of the real estate investment trust’s stock valued at $14,213,000 after acquiring an additional 880,394 shares during the last quarter. 87.51% of the stock is owned by hedge funds and other institutional investors.

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.