Point72 Asset Management L.P. Takes $304,000 Position in Uniti Group Inc. (NASDAQ:UNIT)

Point72 Asset Management L.P. bought a new stake in Uniti Group Inc. (NASDAQ:UNIT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 104,041 shares of the real estate investment trust’s stock, valued at approximately $304,000.

A number of other institutional investors have also modified their holdings of the business. Mackenzie Financial Corp increased its stake in Uniti Group by 9.6% in the 2nd quarter. Mackenzie Financial Corp now owns 30,923 shares of the real estate investment trust’s stock valued at $90,000 after buying an additional 2,711 shares during the period. Texas Permanent School Fund Corp increased its stake in Uniti Group by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 208,133 shares of the real estate investment trust’s stock valued at $1,228,000 after buying an additional 2,938 shares during the period. GAMMA Investing LLC increased its stake 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 buying an additional 2,960 shares during the period. Hancock Whitney Corp increased its stake in Uniti Group by 4.5% in the 1st quarter. Hancock Whitney Corp now owns 76,360 shares of the real estate investment trust’s stock valued at $451,000 after buying an additional 3,254 shares during the period. Finally, ProShare Advisors LLC increased its stake in Uniti Group by 7.5% in the 1st quarter. ProShare Advisors LLC now owns 48,051 shares of the real estate investment trust’s stock valued at $284,000 after buying an additional 3,339 shares during the period. 87.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Ronald J. Mudry sold 28,693 shares of the business’s stock in a transaction dated 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 directly owns 513,761 shares in the company, valued at $2,024,218.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.39% of the company’s stock.

Uniti Group Stock Performance

Shares of NASDAQ UNIT opened at $5.58 on Friday. The firm has a market capitalization of $1.34 billion, a P/E ratio of 93.00 and a beta of 1.29. Uniti Group Inc. has a one year low of $2.57 and a one year high of $6.71. The company’s fifty day moving average is $4.72 and its two-hundred day moving average is $4.34.

Uniti Group (NASDAQ:UNIT) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 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 analysts’ expectations of $289.97 million. Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. Uniti Group’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 earnings per share. On average, sell-side analysts forecast that Uniti Group Inc. will post 1.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Royal Bank of Canada reissued 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 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.