Algert Global LLC Boosts Position in Uniti Group Inc. (NASDAQ:UNIT)

Algert Global LLC boosted its stake in Uniti Group Inc. (NASDAQ:UNIT - Free Report) by 373.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 750,321 shares of the real estate investment trust's stock after acquiring an additional 591,678 shares during the period. Algert Global LLC owned 0.31% of Uniti Group worth $4,232,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Uniti Group in the second quarter valued at approximately $28,000. Ballentine Partners LLC acquired a new position in Uniti Group in the 3rd quarter valued at $64,000. Meeder Advisory Services Inc. purchased a new position in Uniti Group during the 2nd quarter worth $36,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Uniti Group in the 1st quarter worth $75,000. Finally, Belvedere Trading LLC purchased a new stake in shares of Uniti Group in the third quarter valued at about $76,000. 87.51% of the stock is owned by hedge funds and other institutional investors.

Uniti Group Stock Performance

NASDAQ:UNIT traded down $0.08 during trading hours on Monday, hitting $6.03. The company's stock had a trading volume of 2,996,810 shares, compared to its average volume of 2,635,479. The company has a market capitalization of $1.47 billion, a PE ratio of 14.90 and a beta of 1.31. Uniti Group Inc. has a 52-week low of $2.57 and a 52-week high of $6.71. The business's 50-day moving average is $5.57 and its two-hundred day moving average is $4.35.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada reissued a "sector perform" rating and set a $5.50 price target on shares of Uniti Group in a report 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.