Uniti Group (NASDAQ:UNIT) Downgraded by Zacks Investment Research to “Strong Sell”

Uniti Group (NASDAQ:UNIT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “Uniti Group Inc. is a real estate investment trust company. It engaged in the acquisition and construction of mission critical infrastructure in the communications industry. The company focuses on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers. Uniti Group Inc. is headquartered in Little Rock, AR. “

Separately, BidaskClub raised Uniti Group from a “sell” rating to a “hold” rating in a report on Tuesday. Six research analysts have rated the stock with a sell rating and five have given a hold rating to the company. The company currently has a consensus rating of “Sell” and an average target price of $12.57.

Shares of NASDAQ:UNIT traded down $0.09 during trading on Thursday, reaching $8.33. The company had a trading volume of 50,955 shares, compared to its average volume of 2,453,157. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 3.32, a price-to-earnings-growth ratio of 1.44 and a beta of 1.02. The firm’s fifty day moving average price is $8.82. Uniti Group has a fifty-two week low of $7.84 and a fifty-two week high of $21.33.

Institutional investors have recently bought and sold shares of the business. Toscafund Asset Management LLP lifted its position in Uniti Group by 37.5% during the second quarter. Toscafund Asset Management LLP now owns 1,757,393 shares of the real estate investment trust’s stock worth $14,534,000 after buying an additional 479,702 shares during the period. Zimmer Partners LP purchased a new position in Uniti Group during the second quarter worth about $12,392,000. Nuveen Asset Management LLC purchased a new position in Uniti Group during the second quarter worth about $11,006,000. Price T Rowe Associates Inc. MD lifted its position in Uniti Group by 1.9% during the second quarter. Price T Rowe Associates Inc. MD now owns 65,481 shares of the real estate investment trust’s stock worth $622,000 after buying an additional 1,213 shares during the period. Finally, Jane Street Group LLC lifted its position in Uniti Group by 522.8% during the second quarter. Jane Street Group LLC now owns 311,091 shares of the real estate investment trust’s stock worth $2,955,000 after buying an additional 261,137 shares during the period. 78.83% of the stock is currently owned by institutional investors.

Uniti Group Company Profile

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of December 31, 2018, Uniti owns 5.5 million fiber strand miles, approximately 928 wireless towers, and other communications real estate throughout the United States and Latin America.

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