Uniti Group (NASDAQ:UNIT) Stock Price Breaks Below 50-Day Moving Average – Time to Sell?

Shares of Uniti Group Inc. (NASDAQ:UNIT) crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $9.84 and traded as low as $8.50. Uniti Group shares last traded at $8.57, with a volume of 2,368,084 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on UNIT. JPMorgan Chase & Co. cut their price target on Uniti Group from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Barclays increased their price target on shares of Uniti Group from $11.00 to $13.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 1st. TD Cowen cut their price target on shares of Uniti Group from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Weiss Ratings restated a “hold (c+)” rating on shares of Uniti Group in a report on Wednesday, August 19th. Finally, Raymond James Financial set a $16.00 target price on Uniti Group and gave the company a “strong-buy” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $11.47.

Uniti Group Stock Down 5.3%

The firm has a market capitalization of $1.93 billion, a PE ratio of 2.93 and a beta of 1.39. The business has a 50-day moving average price of $9.79 and a 200-day moving average price of $10.43.

Uniti Group (NASDAQ:UNIT) last announced its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.23). Uniti Group had a net margin of 28.68% and a negative return on equity of 133.07%. The company had revenue of $909.70 million for the quarter, compared to analyst estimates of $884.82 million. On average, equities research analysts anticipate that Uniti Group Inc. will post -2.09 earnings per share for the current year.

Institutional Investors Weigh In On Uniti Group

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in Uniti Group during the second quarter worth $15,701,000. First Trust Advisors LP acquired a new stake in Uniti Group during the first quarter worth about $4,203,000. Hsbc Holdings PLC purchased a new position in Uniti Group in the first quarter valued at approximately $1,781,000. BTG Pactual Asset Management US LLC purchased a new position in shares of Uniti Group in the 2nd quarter valued at $1,583,000. Finally, Sei Investments Co. raised its position in Uniti Group by 135.6% in the first quarter. Sei Investments Co. now owns 188,432 shares of the real estate investment trust’s stock valued at $1,767,000 after purchasing an additional 108,438 shares during the period. Institutional investors and hedge funds own 87.51% of the company’s stock.

Uniti Group Company Profile

Uniti Group Inc is a communications infrastructure company that owns, operates and leases fiber-optic networks, wireless infrastructure and other telecommunications real estate. Its assets support broadband providers, wireless carriers, enterprises, government organizations and other communications customers.

The company’s services and infrastructure include dark-fiber leasing, lit fiber transport, network backhaul, fiber-to-the-tower connections, small-cell infrastructure, wireless towers and related colocation or real estate arrangements.