Uniti Group (NASDAQ:UNIT) Sees Large Volume Increase – Here’s Why

Shares of Uniti Group Inc. (NASDAQ:UNIT) saw strong trading volume on Thursday . 1,784,179 shares were traded during mid-day trading, an increase of 0% from the previous session’s volume of 1,781,428 shares.The stock last traded at $6.9250 and had previously closed at $6.75.

Wall Street Analyst Weigh In

UNIT has been the subject of several research reports. Zacks Research upgraded shares of Uniti Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 9th. Weiss Ratings reissued a “sell (d+)” rating on shares of Uniti Group in a report on Monday. JPMorgan Chase & Co. started coverage on Uniti Group in a research note on Thursday, October 23rd. They issued a “neutral” rating and a $7.00 price target for the company. Wall Street Zen upgraded Uniti Group from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Finally, Wells Fargo & Company dropped their target price on Uniti Group from $7.50 to $7.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $6.55.

Uniti Group Stock Performance

The company has a fifty day simple moving average of $6.16 and a two-hundred day simple moving average of $5.73. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 1.46 and a beta of 1.49.

Institutional Investors Weigh In On Uniti Group

Several institutional investors and hedge funds have recently bought and sold shares of UNIT. Vanguard Group Inc. lifted its holdings in shares of Uniti Group by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 36,996,734 shares of the real estate investment trust’s stock worth $186,464,000 after acquiring an additional 151,070 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Uniti Group in the 1st quarter valued at $795,000. Nuveen LLC bought a new position in shares of Uniti Group in the 1st quarter valued at $6,158,000. Public Sector Pension Investment Board raised its holdings in shares of Uniti Group by 65.4% during the 1st quarter. Public Sector Pension Investment Board now owns 1,005,669 shares of the real estate investment trust’s stock worth $5,069,000 after buying an additional 397,499 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. lifted its position in shares of Uniti Group by 9.4% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 105,942 shares of the real estate investment trust’s stock worth $523,000 after buying an additional 9,061 shares during the last quarter. Institutional investors own 87.51% of the company’s stock.

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.