Uniti Group Inc. (NASDAQ:UNIT) Shares Bought by Bank of Montreal Can

Bank of Montreal Can raised its holdings in Uniti Group Inc. (NASDAQ:UNIT - Free Report) by 136.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,558,969 shares of the real estate investment trust's stock after purchasing an additional 898,852 shares during the quarter. Bank of Montreal Can owned 0.64% of Uniti Group worth $9,104,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Uniti Group during the 2nd quarter worth about $28,000. Ballentine Partners LLC purchased a new stake in shares of Uniti Group during the 3rd quarter worth about $64,000. Pitcairn Co. purchased a new stake in shares of Uniti Group during the 3rd quarter worth about $69,000. Meeder Advisory Services Inc. purchased a new stake in shares of Uniti Group during the 2nd quarter worth about $36,000. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in shares of Uniti Group during the 1st quarter worth about $75,000. 87.51% of the stock is owned by hedge funds and other institutional investors.

Uniti Group Stock Performance

Shares of UNIT traded up $0.09 during mid-day trading on Monday, hitting $6.00. 492,144 shares of the company were exchanged, compared to its average volume of 2,612,770. Uniti Group Inc. has a 1-year low of $2.57 and a 1-year high of $6.71. The company has a 50 day moving average of $5.63 and a 200-day moving average of $4.42. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 14.41 and a beta of 1.31.

Wall Street Analysts Forecast Growth

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.