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

Wall Street Zen downgraded shares of Uniti Group (NASDAQ:UNIT) from a hold rating to a sell rating in a research report sent to investors on Saturday.

Several other equities analysts also recently commented on UNIT. Zacks Research upgraded Uniti Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 9th. JPMorgan Chase & Co. began coverage on Uniti Group in a research note on Thursday, October 23rd. They set a “neutral” rating and a $7.00 price objective for the company. Weiss Ratings restated a “hold (c-)” rating on shares of Uniti Group in a research note on Monday, December 29th. Wells Fargo & Company lowered their target price on shares of Uniti Group from $7.50 to $7.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Finally, Barclays set a $8.00 price target on shares of Uniti Group in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $7.06.

Uniti Group Stock Down 2.6%

NASDAQ:UNIT opened at $8.10 on Friday. The firm has a market capitalization of $1.20 billion, a PE ratio of 1.58 and a beta of 1.47. Uniti Group has a 12-month low of $5.30 and a 12-month high of $12.34. The firm has a 50-day moving average price of $7.15 and a 200 day moving average price of $6.53.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. King Street Capital Management L.P. lifted its stake 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 period. Bracebridge Capital LLC raised its holdings in Uniti Group by 33.0% during the 2nd quarter. Bracebridge Capital LLC now owns 3,234,638 shares of the real estate investment trust’s stock worth $13,974,000 after purchasing an additional 802,600 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in Uniti Group during the 2nd quarter valued at about $731,000. Asset Management One Co. Ltd. boosted its stake in shares of Uniti Group by 4.2% in 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. acquired a new stake in shares of Uniti Group during the 2nd quarter worth approximately $68,000. 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 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.