Uniti Group (NASDAQ:UNIT) Stock Price Up 5% on Strong Earnings

Shares of Uniti Group Inc. (NASDAQ:UNIT) traded up 5% during trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $6.17 and last traded at $5.90. 889,338 shares were traded during trading, a decline of 52% from the average session volume of 1,834,253 shares. The stock had previously closed at $5.62.

The real estate investment trust reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $293.32 million during the quarter, compared to analyst estimates of $294.59 million. Uniti Group had a negative return on equity of 4.12% and a net margin of 8.82%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Royal Bank of Canada lifted their price target on Uniti Group from $5.50 to $6.00 and gave the stock a “sector perform” rating in a research report on Monday, December 23rd. Raymond James raised shares of Uniti Group from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $6.00 to $8.00 in a report on Monday.

Institutional Trading of Uniti Group

A number of institutional investors and hedge funds have recently modified their holdings of UNIT. Signaturefd LLC boosted its position in shares of Uniti Group by 51.3% during the fourth quarter. Signaturefd LLC now owns 8,460 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 2,870 shares during the last quarter. Ballentine Partners LLC bought a new position in Uniti Group during the 3rd quarter valued at about $64,000. Proficio Capital Partners LLC purchased a new stake in shares of Uniti Group during the 4th quarter valued at about $68,000. Pitcairn Co. bought a new stake in shares of Uniti Group in the third quarter worth approximately $69,000. Finally, Virtu Financial LLC purchased a new position in shares of Uniti Group during the third quarter valued at approximately $70,000. Institutional investors own 87.51% of the company’s stock.

Uniti Group Trading Up 2.3 %

The business’s 50 day simple moving average is $5.55 and its two-hundred day simple moving average is $5.43. The firm has a market capitalization of $1.44 billion, a PE ratio of 14.39 and a beta of 1.31.

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.