Wall Street Zen Downgrades Uniti Group (NASDAQ:UNIT) to Sell

Uniti Group (NASDAQ:UNIT) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company reduced their price objective on shares of Uniti Group from $7.50 to $7.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Barclays set a $8.00 price target on Uniti Group in a research note on Thursday. Weiss Ratings reissued a “hold (c-)” rating on shares of Uniti Group in a research note on Monday, December 29th. Zacks Research upgraded Uniti Group from a “strong sell” rating to a “hold” rating in a report on Thursday, October 9th. Finally, JPMorgan Chase & Co. initiated coverage on Uniti Group in a research report on Thursday, October 23rd. They set a “neutral” rating and a $7.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $7.06.

Uniti Group Stock Up 10.6%

Shares of UNIT opened at $8.32 on Friday. The business’s fifty day moving average is $7.11 and its 200 day moving average is $6.48. Uniti Group has a 12-month low of $5.30 and a 12-month high of $12.34. The stock has a market cap of $1.23 billion, a P/E ratio of 1.63 and a beta of 1.45.

Hedge Funds Weigh In On Uniti Group

Institutional investors have recently modified their holdings of the business. King Street Capital Management L.P. increased its position in shares of Uniti Group by 36.4% during the second quarter. King Street Capital Management L.P. now owns 6,000,000 shares of the real estate investment trust’s stock valued at $25,920,000 after acquiring an additional 1,600,000 shares during the last quarter. Bracebridge Capital LLC grew its stake in Uniti Group by 33.0% in the 2nd quarter. Bracebridge Capital LLC now owns 3,234,638 shares of the real estate investment trust’s stock valued at $13,974,000 after purchasing an additional 802,600 shares during the period. Jupiter Asset Management Ltd. bought a new position in Uniti Group in the 2nd quarter valued at $731,000. Asset Management One Co. Ltd. increased its position in shares of Uniti Group by 4.2% during the 2nd quarter. Asset Management One Co. Ltd. now owns 362,088 shares of the real estate investment trust’s stock valued at $1,564,000 after purchasing an additional 14,485 shares during the last quarter. Finally, QRG Capital Management Inc. purchased a new stake in shares of Uniti Group during the 2nd quarter valued at $68,000. 87.51% of the stock is owned by institutional investors.

Uniti Group Company Profile

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.