Uniti Group (NASDAQ:UNIT) Trading Down 6.3% – Here’s What Happened

Uniti Group Inc. (NASDAQ:UNIT) shares dropped 6.3% on Tuesday . The company traded as low as $5.51 and last traded at $5.46. Approximately 861,549 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 1,663,884 shares. The stock had previously closed at $5.82.

Analyst Ratings Changes

Separately, Royal Bank of Canada boosted their price objective on shares of Uniti Group from $5.50 to $6.00 and gave the stock a “sector perform” rating in a report on Monday, December 23rd.

Uniti Group Trading Down 1.1 %

The stock has a market capitalization of $1.32 billion, a P/E ratio of 13.22 and a beta of 1.31. The stock’s fifty day moving average price is $5.57 and its two-hundred day moving average price is $5.38.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Golden State Equity Partners increased its position in Uniti Group by 9.5% during the 4th quarter. Golden State Equity Partners now owns 23,105 shares of the real estate investment trust’s stock valued at $127,000 after purchasing an additional 2,000 shares during the period. Franklin Resources Inc. increased its position in Uniti Group by 2.2% during the 3rd quarter. Franklin Resources Inc. now owns 106,104 shares of the real estate investment trust’s stock valued at $572,000 after purchasing an additional 2,328 shares during the period. State of Alaska Department of Revenue increased its position in Uniti Group by 0.9% during the 4th quarter. State of Alaska Department of Revenue now owns 255,119 shares of the real estate investment trust’s stock valued at $1,402,000 after purchasing an additional 2,397 shares during the period. Arizona State Retirement System increased its position in Uniti Group by 3.6% during the 4th quarter. Arizona State Retirement System now owns 70,798 shares of the real estate investment trust’s stock valued at $389,000 after purchasing an additional 2,460 shares during the period. Finally, Inspire Investing LLC increased its position in Uniti Group by 3.6% during the 4th quarter. Inspire Investing LLC now owns 73,651 shares of the real estate investment trust’s stock valued at $405,000 after purchasing an additional 2,563 shares during the period. 87.51% of the stock is owned by hedge funds and other institutional investors.

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.