Point72 Asia Singapore Pte. Ltd. Buys Shares of 9,459 Uniti Group Inc. (NASDAQ:UNIT)

Point72 Asia Singapore Pte. Ltd. bought a new position in Uniti Group Inc. (NASDAQ:UNIT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,459 shares of the real estate investment trust’s stock, valued at approximately $28,000.

Several other large investors also recently made changes to their positions in UNIT. Vanguard Group Inc. grew its holdings in Uniti Group by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 38,442,169 shares of the real estate investment trust’s stock worth $226,809,000 after buying an additional 542,485 shares in the last quarter. LSV Asset Management grew its stake in shares of Uniti Group by 1.3% in the first quarter. LSV Asset Management now owns 7,276,879 shares of the real estate investment trust’s stock worth $42,934,000 after purchasing an additional 91,408 shares in the last quarter. Davidson Kempner Capital Management LP increased its holdings in shares of Uniti Group by 17.7% during the second quarter. Davidson Kempner Capital Management LP now owns 5,480,000 shares of the real estate investment trust’s stock valued at $16,002,000 after purchasing an additional 825,000 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Uniti Group by 4.2% during the second quarter. Bank of New York Mellon Corp now owns 1,869,032 shares of the real estate investment trust’s stock valued at $5,458,000 after purchasing an additional 74,832 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in Uniti Group by 14.4% in the second quarter. Pacer Advisors Inc. now owns 1,742,412 shares of the real estate investment trust’s stock worth $5,088,000 after purchasing an additional 219,245 shares during the period. Institutional investors and hedge funds own 87.51% of the company’s stock.

Uniti Group Stock Performance

UNIT opened at $5.52 on Wednesday. The company has a market capitalization of $1.33 billion, a PE ratio of 92.00 and a beta of 1.28. The stock’s fifty day moving average is $4.56 and its 200-day moving average is $4.35. Uniti Group Inc. has a one year low of $2.57 and a one year high of $6.71.

Uniti Group (NASDAQ:UNIT) last issued its quarterly 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). Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. The business had revenue of $294.90 million during the quarter, compared to the consensus estimate of $289.97 million. During the same quarter last year, the firm posted $0.34 earnings per share. Uniti Group’s revenue was up 3.9% compared to the same quarter last year. On average, equities research analysts forecast that Uniti Group Inc. will post 1.31 EPS for the current fiscal year.

Insider Activity at Uniti Group

In other Uniti Group news, SVP Ronald J. Mudry sold 28,693 shares of Uniti Group stock in a transaction that occurred 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 transaction, the senior vice president now owns 513,761 shares in the company, valued at $2,024,218.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

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

About Uniti Group

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.