Uniti Group (NASDAQ:UNIT) Price Target Raised to $6.00 at Royal Bank of Canada

Uniti Group (NASDAQ:UNIT) had its target price upped by Royal Bank of Canada from $5.50 to $6.00 in a report released on Monday morning,Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust’s stock.

Uniti Group Stock Performance

Shares of NASDAQ:UNIT opened at $5.49 on Monday. The company’s fifty day moving average is $5.74 and its 200-day moving average is $4.71. Uniti Group has a 52 week low of $2.57 and a 52 week high of $6.71. The company has a market capitalization of $1.34 billion, a PE ratio of 13.39 and a beta of 1.35.

Institutional Trading of Uniti Group

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in shares of Uniti Group by 244.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,254,810 shares of the real estate investment trust’s stock worth $6,584,000 after acquiring an additional 1,600,628 shares in the last quarter. King Street Capital Management L.P. acquired a new position in Uniti Group in the third quarter worth $8,798,000. Paloma Partners Management Co acquired a new position in Uniti Group in the third quarter worth $6,218,000. Bank of Montreal Can grew its holdings in shares of Uniti Group by 136.2% during the third quarter. Bank of Montreal Can now owns 1,558,969 shares of the real estate investment trust’s stock worth $9,104,000 after purchasing an additional 898,852 shares during the last quarter. Finally, Davidson Kempner Capital Management LP increased its stake in shares of Uniti Group by 17.7% in 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 buying an additional 825,000 shares in the last quarter. Institutional investors and hedge funds own 87.51% of the company’s stock.

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.