Uniti Group (NASDAQ:UNIT) Releases FY 2024 Earnings Guidance

by · The Markets Daily

Uniti Group (NASDAQ:UNIT – Get Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 1.230-1.300 for the period, compared to the consensus EPS estimate of 1.350. The company issued revenue guidance of $1.2 billion-$1.2 billion, compared to the consensus revenue estimate of $1.2 billion.

Uniti Group Stock Performance

Shares of UNIT stock traded up $0.21 during mid-day trading on Friday, hitting $5.28. The company’s stock had a trading volume of 1,879,596 shares, compared to its average volume of 2,118,577. Uniti Group has a 52 week low of $2.57 and a 52 week high of $6.71. The company’s fifty day simple moving average is $5.28 and its 200-day simple moving average is $4.30. The company has a market cap of $1.29 billion, a PE ratio of 12.88 and a beta of 1.31.

Uniti Group (NASDAQ:UNIT – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.28). Uniti Group had a net margin of 8.82% and a negative return on equity of 4.12%. The business had revenue of $294.90 million for the quarter, compared to the consensus estimate of $289.97 million. During the same quarter last year, the firm posted $0.34 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities analysts anticipate that Uniti Group will post 1.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $5.50 price target on shares of Uniti Group in a report on Thursday, August 29th.

Read Our Latest Analysis on Uniti Group

Insider Activity at Uniti Group

In other news, SVP Ronald J. Mudry sold 28,693 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $3.94, for a total value of $113,050.42. Following the completion of the transaction, the senior vice president now owns 513,761 shares of the company’s stock, valued at approximately $2,024,218.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.39% of the stock is currently owned by company insiders.

About Uniti Group

(Get Free Report)

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 fiber and other wireless solutions for the communications industry. As of December 31, 2023, Uniti owns approximately 140,000 fiber route miles, 8.5 million fiber strand miles, and other communications real estate throughout the United States.

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