Royal Bank of Canada Issues Positive Forecast for Uniti Group (NASDAQ:UNIT) Stock Price

Uniti Group (NASDAQ:UNIT - Get Free Report) had its target price raised by analysts at Royal Bank of Canada from $5.50 to $6.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "sector perform" rating on the real estate investment trust's stock. Royal Bank of Canada's target price points to a potential upside of 9.29% from the company's current price.

Uniti Group Trading Down 3.7 %

Shares of UNIT traded down $0.21 during trading hours on Monday, reaching $5.49. 1,272,276 shares of the company traded hands, compared to its average volume of 2,603,367. The stock's fifty day moving average price is $5.74 and its 200 day moving average price is $4.71. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 13.39 and a beta of 1.35. 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

A number of hedge funds have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Uniti Group in the second quarter valued at approximately $28,000. Meeder Advisory Services Inc. bought a new stake in Uniti Group during the 2nd quarter valued at $36,000. Choreo LLC purchased a new stake in shares of Uniti Group in the 2nd quarter worth $41,000. DekaBank Deutsche Girozentrale grew its position in shares of Uniti Group by 138.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 21,194 shares of the real estate investment trust's stock worth $62,000 after buying an additional 12,291 shares in the last quarter. Finally, Ballentine Partners LLC bought a new position in shares of Uniti Group during the 3rd quarter worth $64,000. 87.51% of the stock is currently owned by institutional investors.

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.