Wells Fargo & Company Issues Pessimistic Forecast for Uniti Group (NASDAQ:UNIT) Stock Price

Uniti Group (NASDAQ:UNIT) had its target price dropped by Wells Fargo & Company from $7.50 to $7.00 in a report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 7.86% from the company’s previous close.

A number of other analysts have also issued reports on UNIT. Wall Street Zen lowered shares of Uniti Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Uniti Group in a research report on Wednesday, October 8th. Barclays initiated coverage on shares of Uniti Group in a research report on Friday, October 3rd. They set an “equal weight” rating and a $6.00 price target on the stock. JPMorgan Chase & Co. initiated coverage on Uniti Group in a report on Thursday, October 23rd. They issued a “neutral” rating and a $7.00 price objective for the company. Finally, Zacks Research upgraded Uniti Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $6.55.

Uniti Group Stock Up 3.7%

Shares of NASDAQ UNIT opened at $6.49 on Friday. Uniti Group has a fifty-two week low of $5.30 and a fifty-two week high of $12.62. The business has a 50 day moving average price of $6.17 and a two-hundred day moving average price of $5.43. The firm has a market cap of $960.42 million, a PE ratio of 1.27 and a beta of 1.52.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its position in Uniti Group by 53.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 32,531 shares of the real estate investment trust’s stock worth $170,000 after buying an additional 11,395 shares during the period. Teacher Retirement System of Texas grew its position in shares of Uniti Group by 309.5% during the first quarter. Teacher Retirement System of Texas now owns 218,813 shares of the real estate investment trust’s stock worth $1,103,000 after acquiring an additional 165,383 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Uniti Group by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,392,105 shares of the real estate investment trust’s stock worth $7,016,000 after acquiring an additional 47,793 shares during the period. CWM LLC lifted its position in Uniti Group by 25.2% in the 1st quarter. CWM LLC now owns 36,571 shares of the real estate investment trust’s stock valued at $184,000 after purchasing an additional 7,356 shares during the last quarter. Finally, Pinnacle Associates Ltd. boosted its stake in Uniti Group by 7.3% during the 1st quarter. Pinnacle Associates Ltd. now owns 1,726,917 shares of the real estate investment trust’s stock valued at $8,704,000 after purchasing an additional 118,095 shares during the period. Institutional investors and hedge funds own 87.51% of the company’s stock.

About Uniti Group

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.