Uniti Group Inc. (NASDAQ:UNIT) Receives $6.86 Average Price Target from Brokerages

Uniti Group Inc. (NASDAQ:UNIT) has been assigned an average recommendation of “Hold” from the seven ratings firms that are covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $6.86.

Several brokerages have recently commented on UNIT. Wall Street Zen upgraded Uniti Group from a “sell” rating to a “hold” rating in a report on Saturday. Zacks Research upgraded shares of Uniti Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 9th. Wells Fargo & Company dropped their target price on shares of Uniti Group from $7.50 to $7.00 and set an “equal weight” rating for the company in a research note on Friday, November 7th. Barclays reissued a “positive” rating and set a $7.00 price target on shares of Uniti Group in a research note on Tuesday, January 13th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Uniti Group in a research report on Monday, December 29th.

Uniti Group Price Performance

Shares of UNIT opened at $7.51 on Thursday. The company has a market capitalization of $1.11 billion, a P/E ratio of 1.47 and a beta of 1.45. Uniti Group has a one year low of $5.30 and a one year high of $12.34. The business’s 50 day simple moving average is $6.87 and its 200-day simple moving average is $6.31.

Hedge Funds Weigh In On Uniti Group

Several hedge funds have recently added to or reduced their stakes in UNIT. Allworth Financial LP lifted its position in Uniti Group by 775.7% during the 2nd quarter. Allworth Financial LP now owns 7,811 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 6,919 shares during the period. Park Avenue Securities LLC acquired a new position in Uniti Group in the second quarter valued at approximately $45,000. Osaic Holdings Inc. boosted its stake in Uniti Group by 20.6% in the second quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 1,795 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in Uniti Group during the 2nd quarter worth $68,000. Finally, FNY Investment Advisers LLC acquired a new stake in Uniti Group during the 3rd quarter worth $75,000. Institutional investors own 87.51% of the company’s stock.

About Uniti Group

Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company’s assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.

Uniti’s portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.