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

Uniti Group (NASDAQ:UNIT) had its target price upped by Royal Bank of Canada from $5.50 to $6.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.

Uniti Group Stock Up 0.5 %

NASDAQ:UNIT opened at $5.52 on Monday. The firm has a market capitalization of $1.35 billion, a P/E ratio of 13.46 and a beta of 1.35. The company has a fifty day moving average of $5.74 and a 200 day moving average of $4.73. Uniti Group has a 52 week low of $2.57 and a 52 week high of $6.71.

Institutional Trading of Uniti Group

Several large investors have recently modified their holdings of UNIT. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Uniti Group in the second quarter worth $28,000. Meeder Advisory Services Inc. bought a new position in Uniti Group in the 2nd quarter worth $36,000. Choreo LLC purchased a new stake in shares of Uniti Group in the 2nd quarter worth about $41,000. DekaBank Deutsche Girozentrale boosted its stake 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 valued at $62,000 after purchasing an additional 12,291 shares in the last quarter. Finally, Ballentine Partners LLC purchased a new position in shares of Uniti Group during the third quarter valued at about $64,000. 87.51% of the stock is owned by 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.