Uniti Group (NASDAQ: UNIT) has experienced a shift in analyst ratings recently, with Wall Street Zen upgrading the company’s shares from a sell to a hold rating. This change was reported on the morning of October 3, 2023, highlighting a growing interest in the real estate investment trust.
Several other equity research analysts have also weighed in on Uniti Group’s performance. Barclays initiated coverage on the stock on October 3, assigning an “equal weight” rating and setting a target price of $6.00. Meanwhile, Zacks Research upgraded Uniti from a “strong sell” to a “hold” rating on October 9, reflecting a more optimistic outlook. In contrast, Weiss Ratings reaffirmed a “sell (d)” rating the day prior, indicating caution.
On October 8, Wells Fargo & Company lowered its target price from $7.50 to $7.00 while maintaining an “equal weight” rating. JPMorgan Chase & Co. also began coverage on October 23, offering a “neutral” rating with a target price of $7.00. Overall, the consensus rating for Uniti Group stands at “Hold,” with an average target price of $6.55, according to MarketBeat.
Institutional Investors Increase Stakes
In addition to analyst ratings, institutional trading activity has seen notable changes for Uniti Group. Recent reports indicate that several hedge funds have modified their holdings in the company. TD Asset Management Inc. acquired a new position valued at approximately $1.532 million in the third quarter. Similarly, Illinois Municipal Retirement Fund purchased a new stake worth $436,000, and Inscription Capital LLC invested $121,000 during the same period.
SG Americas Securities LLC also entered the market with a new stake valued at $264,000. Meanwhile, Texas Permanent School Fund Corp increased its stake by 5.8% in the second quarter, now holding 906,792 shares valued at approximately $3.917 million after acquiring an additional 49,458 shares.
Institutional investors currently own 87.51% of Uniti Group’s stock, indicating strong institutional confidence in the company’s future.
Uniti Group operates as a real estate investment trust, focusing on the acquisition, construction, and leasing of properties. The company is segmented into Uniti Leasing, Uniti Fiber, and Corporate, with a focus on mission-critical communications assets and dark fiber networks.
As the company navigates these rating changes and increasing institutional investment, its performance in the coming months will be closely monitored by analysts and investors alike.
