Uniti Group (NASDAQ:UNIT) Trading 6.4% Higher

Uniti Group Inc. (NASDAQ:UNIT) shares shot up 6.4% on Friday . The stock traded as high as $5.78 and last traded at $5.78. 907,305 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 2,717,861 shares. The stock had previously closed at $5.43.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $5.50 price target on shares of Uniti Group in a report on Thursday, August 29th.

Uniti Group Stock Up 7.0 %

The firm has a market cap of $1.40 billion, a PE ratio of 95.83 and a beta of 1.28. The stock has a 50 day moving average price of $4.48 and a two-hundred day moving average price of $4.38.

Uniti Group (NASDAQ:UNIT) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.28). The company had revenue of $294.90 million for the quarter, compared to analysts’ expectations of $289.97 million. Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.34 EPS. As a group, equities analysts anticipate that Uniti Group Inc. will post 1.31 earnings per share for the current year.

Insider Buying and Selling

In other Uniti Group news, SVP Ronald J. Mudry sold 28,693 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $3.94, for a total transaction of $113,050.42. Following the sale, the senior vice president now owns 513,761 shares in the company, valued at approximately $2,024,218.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Uniti Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp raised its position in Uniti Group by 9.6% during the 2nd quarter. Mackenzie Financial Corp now owns 30,923 shares of the real estate investment trust’s stock worth $90,000 after buying an additional 2,711 shares during the last quarter. Texas Permanent School Fund Corp raised its holdings in shares of Uniti Group by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 208,133 shares of the real estate investment trust’s stock worth $1,228,000 after purchasing an additional 2,938 shares during the last quarter. GAMMA Investing LLC lifted its position in Uniti Group by 49.8% during the first quarter. GAMMA Investing LLC now owns 8,906 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 2,960 shares during the period. Hancock Whitney Corp boosted its holdings in Uniti Group by 4.5% in the first quarter. Hancock Whitney Corp now owns 76,360 shares of the real estate investment trust’s stock valued at $451,000 after purchasing an additional 3,254 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in Uniti Group by 7.5% during the 1st quarter. ProShare Advisors LLC now owns 48,051 shares of the real estate investment trust’s stock worth $284,000 after purchasing an additional 3,339 shares during the period. Institutional investors and hedge funds own 87.51% of the company’s stock.

About Uniti Group

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.