Uniti Group (NASDAQ:UNIT) Hits New 52-Week Low – Time to Sell?

Shares of Uniti Group Inc. (NASDAQ:UNIT) hit a new 52-week low on Thursday. The company traded as low as $4.74 and last traded at $4.8940, with a volume of 2,077,460 shares changing hands. The stock had previously closed at $5.45.

Analysts Set New Price Targets

UNIT has been the topic of several recent analyst reports. Raymond James Financial set a $16.00 price target on Uniti Group and gave the company a “strong-buy” rating in a research note on Tuesday, September 29th. TD Cowen dropped their price objective on Uniti Group from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Weiss Ratings lowered Uniti Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, October 14th. Finally, JPMorgan Chase & Co. decreased their target price on Uniti Group from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.47.

Uniti Group Price Performance

The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 1.93 and a beta of 1.45. The business’s 50-day simple moving average is $7.65 and its two-hundred day simple moving average is $9.38.

Institutional Investors Weigh In On Uniti Group

Hedge funds have recently modified their holdings of the company. Fortitude Family Office LLC increased its holdings in Uniti Group by 7,156.7% in the 3rd quarter. Fortitude Family Office LLC now owns 4,354 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 4,294 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Uniti Group by 1,409.9% during the third quarter. Parallel Advisors LLC now owns 4,741 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 4,427 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of Uniti Group by 237.5% during the third quarter. Sterling Capital Management LLC now owns 4,934 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 3,472 shares during the last quarter. KBC Group NV bought a new stake in shares of Uniti Group during the first quarter worth about $43,000. Finally, Farther Finance Advisors LLC grew its holdings in shares of Uniti Group by 1,579.8% during the third quarter. Farther Finance Advisors LLC now owns 8,802 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 8,278 shares during the last quarter. 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 acquires critical network assets used by telecommunications providers and other customers. Its portfolio primarily includes fiber-optic networks, wireless towers, small-cell infrastructure and related real estate. Uniti generally leases this infrastructure to communications companies under long-term agreements.

The company’s fiber network supports services such as broadband, data transmission, wireless backhaul and enterprise connectivity.