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

Uniti Group (NASDAQ:UNIT) issued an update on its FY 2024 earnings guidance on Thursday morning. 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.

Analyst Ratings Changes

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $5.50 price objective on shares of Uniti Group in a research note on Thursday, August 29th.

Uniti Group Price Performance

NASDAQ UNIT traded up $0.21 during trading on Friday, hitting $5.28. 1,879,596 shares of the company’s stock traded hands, compared to its average volume of 2,118,577. The firm has a market cap of $1.29 billion, a P/E ratio of 12.88 and a beta of 1.31. The stock has a fifty day moving average of $5.28 and a two-hundred day moving average of $4.30. Uniti Group has a 12-month low of $2.57 and a 12-month high of $6.71.

Uniti Group (NASDAQ:UNIT) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.28). Uniti Group had a negative return on equity of 4.12% and a net margin of 8.82%. The company had revenue of $294.90 million for the quarter, compared to the consensus estimate of $289.97 million. During the same quarter in the previous year, the business earned $0.34 earnings per share. Uniti Group’s revenue was up 3.9% compared to the same quarter last year. As a group, analysts expect that Uniti Group will post 1.31 earnings per share for the current fiscal year.

Insider Transactions at Uniti Group

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

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 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.