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Uniti (UNIT) Surges 10.5%: Is This an Indication of Further Gains?

Zacks Equity Research
·2-min read

Uniti Group (UNIT) shares ended the last trading session 10.5% higher at $7.29. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 25.5% loss over the past four weeks.

The increased optimism stems from the company’s recent announcement regarding the addition of two new lit routes to its fiber network in 2023. The new long haul lit routes include Dallas, TX to Atlanta, GA and Atlanta to Ashburn, VA and will offer 100G and 400G wavelength services and multiple-terabit spectrum services to major markets.

This real estate investment trust is expected to post quarterly funds from operations (FFO) of $0.43 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $281.94 million, up 5.7% from the year-ago quarter.

While FFO and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in FFO estimate revisions and near-term stock price movements.

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For Uniti, the consensus FFO per share estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in FFO estimate revisions. So, make sure to keep an eye on UNIT going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Uniti is a member of the Zacks REIT and Equity Trust - Other industry. One other stock in the same industry, VICI Properties Inc. (VICI), finished the last trading session 0.4% higher at $30.72. VICI has returned -7.9% over the past month.

VICI Properties Inc.'s consensus FFO per share estimate for the upcoming report has changed -0.2% over the past month to $0.49. Compared to the company's year-ago FFO per share, this represents a change of +8.9%. VICI Properties Inc. currently boasts a Zacks Rank of #3 (Hold).


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Zacks Investment Research