Uniti Group (NASDAQ:UNIT) Sets New 12-Month Low – Time to Sell?

Uniti Group Inc. (NASDAQ:UNIT) reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $4.74 and last traded at $4.8940, with a volume of 2,077,460 shares trading hands. The stock had previously closed at $5.45.

Analyst Upgrades and Downgrades

UNIT has been the subject of a number of research analyst reports. TD Cowen decreased their target price on Uniti Group from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Weiss Ratings lowered Uniti Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, October 14th. Raymond James Financial set a $16.00 price target on Uniti Group and gave the stock a “strong-buy” rating in a research report on Tuesday, September 29th. Finally, JPMorgan Chase & Co. reduced their price objective on Uniti Group from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $11.47.

Uniti Group Stock Performance

The company has a 50-day simple moving average of $7.84 and a 200-day simple moving average of $9.40. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 1.88 and a beta of 1.45.

Institutional Investors Weigh In On Uniti Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp acquired a new stake in shares of Uniti Group in the second quarter valued at approximately $15,701,000. Principal Financial Group Inc. raised its position in shares of Uniti Group by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 870,891 shares of the real estate investment trust’s stock worth $8,169,000 after purchasing an additional 16,971 shares during the last quarter. Pinnacle Associates Ltd. raised its position in shares of Uniti Group by 4.2% during the 3rd quarter. Pinnacle Associates Ltd. now owns 712,211 shares of the real estate investment trust’s stock worth $5,968,000 after purchasing an additional 28,411 shares during the last quarter. Mizuho Markets Americas LLC raised its position in shares of Uniti Group by 26.9% during the 1st quarter. Mizuho Markets Americas LLC now owns 505,246 shares of the real estate investment trust’s stock worth $4,739,000 after purchasing an additional 107,000 shares during the last quarter. Finally, First Trust Advisors LP purchased a new stake in Uniti Group in the 1st quarter valued at approximately $4,203,000. 87.51% of the stock is currently owned by hedge funds and other institutional investors.

About Uniti Group

Uniti Group Inc is a communications infrastructure company that owns, operates and acquires critical network assets used by telecommunications providers and other customers. Its portfolio primarily includes fiber-optic networks, wireless towers, small-cell infrastructure and related real estate. Uniti generally leases this infrastructure to communications companies under long-term agreements.

The company’s fiber network supports services such as broadband, data transmission, wireless backhaul and enterprise connectivity.