1,560,000 Shares in Uniti Group Inc. (NASDAQ:UNIT) Purchased by King Street Capital Management L.P.

King Street Capital Management L.P. bought a new stake in shares of Uniti Group Inc. (NASDAQ:UNIT - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,560,000 shares of the real estate investment trust's stock, valued at approximately $8,798,000. Uniti Group comprises 5.8% of King Street Capital Management L.P.'s investment portfolio, making the stock its 6th biggest position. King Street Capital Management L.P. owned 0.64% of Uniti Group as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. AQR Capital Management LLC increased its position in shares of Uniti Group by 244.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,254,810 shares of the real estate investment trust's stock valued at $6,584,000 after purchasing an additional 1,600,628 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Uniti Group in the third quarter worth approximately $6,218,000. Bank of Montreal Can grew its position in 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 valued at $9,104,000 after acquiring an additional 898,852 shares during the last quarter. Davidson Kempner Capital Management LP raised its stake 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 worth $16,002,000 after acquiring an additional 825,000 shares in the last quarter. Finally, Mizuho Markets Americas LLC lifted its holdings in shares of Uniti Group by 548.9% in the 3rd quarter. Mizuho Markets Americas LLC now owns 792,054 shares of the real estate investment trust's stock worth $4,467,000 after acquiring an additional 670,000 shares during the last quarter. Hedge funds and other institutional investors own 87.51% of the company's stock.

Uniti Group Stock Performance

UNIT stock traded up $0.27 during trading on Wednesday, hitting $6.09. 3,260,291 shares of the company traded hands, compared to its average volume of 2,619,583. The company has a 50-day moving average of $5.68 and a 200-day moving average of $4.54. Uniti Group Inc. has a 1 year low of $2.57 and a 1 year high of $6.71. The firm has a market capitalization of $1.49 billion, a PE ratio of 14.83 and a beta of 1.35.

Analyst Ratings Changes

Separately, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $5.50 target price 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.