Uniti Group (NASDAQ:UNIT) Shares Gap Up to $7.70

Uniti Group Inc. (NASDAQ:UNITGet Rating) gapped up prior to trading on Wednesday . The stock had previously closed at $7.70, but opened at $7.99. Uniti Group shares last traded at $7.63, with a volume of 3,892 shares.

Wall Street Analyst Weigh In

UNIT has been the subject of several recent analyst reports. Citigroup lowered their price target on Uniti Group from $12.00 to $9.00 in a report on Sunday, November 13th. The Goldman Sachs Group lowered their price target on Uniti Group from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Monday, November 7th. Morgan Stanley reduced their price objective on Uniti Group from $10.00 to $8.00 and set an “underweight” rating for the company in a research note on Monday, October 24th. Finally, Royal Bank of Canada reduced their price objective on Uniti Group from $14.00 to $10.00 and set a “sector perform” rating for the company in a research note on Thursday, October 20th.

Uniti Group Stock Down 2.0 %

The stock has a market capitalization of $1.75 billion, a PE ratio of -81.77, a PEG ratio of 0.27 and a beta of 1.12. The firm has a 50 day moving average price of $7.49 and a 200-day moving average price of $9.24.

Uniti Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 8.15%. The ex-dividend date of this dividend is Thursday, December 15th. Uniti Group’s dividend payout ratio is currently -666.59%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. PenderFund Capital Management Ltd. purchased a new position in Uniti Group during the first quarter valued at approximately $48,000. Lazard Asset Management LLC purchased a new position in Uniti Group during the first quarter valued at approximately $42,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Uniti Group in the first quarter valued at approximately $47,000. SeaCrest Wealth Management LLC purchased a new stake in shares of Uniti Group in the second quarter valued at approximately $43,000. Finally, Maven Securities LTD purchased a new stake in shares of Uniti Group in the first quarter valued at approximately $138,000. 84.66% of the stock is currently owned by hedge funds and other institutional investors.

About Uniti Group

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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 September 30, 2020, Uniti owns 6.7 million fiber strand miles and other communications real estate throughout the United States.

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