Cubist Systematic Strategies LLC Purchases Shares of 499,439 Uniti Group Inc. (NASDAQ:UNIT)

Cubist Systematic Strategies LLC purchased a new stake in Uniti Group Inc. (NASDAQ:UNIT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 499,439 shares of the real estate investment trust’s stock, valued at approximately $1,458,000. Cubist Systematic Strategies LLC owned 0.20% of Uniti Group as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in UNIT. Norges Bank acquired a new position in Uniti Group in the 4th quarter valued at approximately $9,139,000. Nomura Holdings Inc. increased its position in Uniti Group by 94.1% in the 4th quarter. Nomura Holdings Inc. now owns 588,078 shares of the real estate investment trust’s stock valued at $3,399,000 after acquiring an additional 285,112 shares during the period. GAMMA Investing LLC increased its position in Uniti Group by 49.8% in the 1st quarter. GAMMA Investing LLC now owns 8,906 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 2,960 shares during the period. Diversified Trust Co boosted its stake in shares of Uniti Group by 66.0% in the 1st quarter. Diversified Trust Co now owns 72,155 shares of the real estate investment trust’s stock valued at $426,000 after purchasing an additional 28,697 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Uniti Group by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 80,661 shares of the real estate investment trust’s stock valued at $476,000 after purchasing an additional 6,798 shares during the last quarter. 87.51% of the stock is currently owned by institutional investors and hedge funds.

Uniti Group Stock Performance

NASDAQ:UNIT opened at $5.52 on Wednesday. The firm has a market cap of $1.33 billion, a P/E ratio of 92.00 and a beta of 1.28. Uniti Group Inc. has a 52 week low of $2.57 and a 52 week high of $6.71. The firm’s fifty day moving average is $4.56 and its 200-day moving average is $4.35.

Uniti Group (NASDAQ:UNIT) last issued its 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). The company had revenue of $294.90 million for the quarter, compared to the consensus estimate of $289.97 million. Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. The firm’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.34 earnings per share. As a group, sell-side analysts anticipate that Uniti Group Inc. will post 1.31 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Ronald J. Mudry sold 28,693 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $3.94, for a total transaction of $113,050.42. Following the transaction, the senior vice president now directly owns 513,761 shares of the company’s stock, valued at $2,024,218.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.39% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.