Uniti Group (NASDAQ:UNIT) Price Target Raised to $6.00

Uniti Group (NASDAQ:UNIT) had its price target lifted by Royal Bank of Canada from $5.50 to $6.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target indicates a potential upside of 8.70% from the company’s previous close.

Uniti Group Trading Up 0.5 %

Shares of UNIT stock opened at $5.52 on Monday. The stock has a market cap of $1.35 billion, a P/E ratio of 13.46 and a beta of 1.35. The company has a 50 day simple moving average of $5.74 and a two-hundred day simple moving average of $4.71. Uniti Group has a 12 month low of $2.57 and a 12 month high of $6.71.

Hedge Funds Weigh In On Uniti Group

Several large investors have recently made changes to their positions in UNIT. Point72 Asia Singapore Pte. Ltd. purchased a new position in Uniti Group in the 2nd quarter worth approximately $28,000. Meeder Advisory Services Inc. bought a new stake in shares of Uniti Group during the second quarter valued at approximately $36,000. Choreo LLC purchased a new position in shares of Uniti Group in the second quarter worth $41,000. DekaBank Deutsche Girozentrale increased its holdings in Uniti Group by 138.1% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 21,194 shares of the real estate investment trust’s stock valued at $62,000 after acquiring an additional 12,291 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new stake in Uniti Group in the 3rd quarter worth $64,000. 87.51% of the stock is currently owned by hedge funds and other institutional investors.

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.