Uniti Group (NASDAQ:UNIT) Price Target Cut to $11.00 by Analysts at JPMorgan Chase & Co.

Uniti Group (NASDAQ:UNIT) had its target price dropped by analysts at JPMorgan Chase & Co. from $12.00 to $11.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 13.11% from the company’s current price.

UNIT has been the topic of a number of other reports. Citigroup increased their price target on shares of Uniti Group from $9.00 to $11.75 and gave the stock a “neutral” rating in a report on Tuesday, May 19th. Williams Trading set a $12.00 price objective on shares of Uniti Group in a research note on Tuesday, May 12th. Wells Fargo & Company upped their target price on shares of Uniti Group from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. TD Cowen lowered their target price on shares of Uniti Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Royal Bank Of Canada raised their price target on shares of Uniti Group from $6.50 to $7.50 and gave the company a “sector perform” rating in a report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.92.

Uniti Group Stock Up 4.7%

Shares of NASDAQ:UNIT traded up $0.43 during midday trading on Friday, reaching $9.72. 2,151,820 shares of the company traded hands, compared to its average volume of 2,355,527. Uniti Group has a 12 month low of $5.30 and a 12 month high of $12.94. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 2.91 and a beta of 1.40. The firm’s fifty day moving average price is $11.24 and its two-hundred day moving average price is $9.88.

Uniti Group (NASDAQ:UNIT) last issued its earnings results on Thursday, July 30th. The real estate investment trust reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.25). The business had revenue of $909.70 million during the quarter, compared to analyst estimates of $884.82 million. Analysts forecast that Uniti Group will post -1.56 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in UNIT. KBC Group NV bought a new stake in shares of Uniti Group in the 1st quarter worth approximately $43,000. Hilton Head Capital Partners LLC purchased a new stake in shares of Uniti Group in the 4th quarter valued at $40,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Uniti Group during the 4th quarter valued at $72,000. Osaic Holdings Inc. grew its holdings in shares of Uniti Group by 20.6% during the 2nd quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 1,795 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Uniti Group during the 1st quarter valued at $100,000. 87.51% of the stock is owned by hedge funds and other institutional investors.

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.