Uniti Group (NASDAQ:UNIT) Price Target Raised to $6.00

Uniti Group (NASDAQ:UNIT) had its price objective raised by research analysts at Royal Bank of Canada from $5.50 to $6.00 in a report released 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 price target would suggest a potential upside of 5.26% from the company’s previous close.

Uniti Group Trading Up 2.3 %

NASDAQ UNIT opened at $5.70 on Monday. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 13.90 and a beta of 1.35. Uniti Group has a 12 month low of $2.57 and a 12 month high of $6.71. The company’s 50 day moving average is $5.74 and its two-hundred day moving average is $4.69.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in UNIT. Franklin Resources Inc. raised its position in shares of Uniti Group by 2.2% during the third quarter. Franklin Resources Inc. now owns 106,104 shares of the real estate investment trust’s stock valued at $572,000 after buying an additional 2,328 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Uniti Group by 9.6% during the 2nd quarter. Mackenzie Financial Corp now owns 30,923 shares of the real estate investment trust’s stock valued at $90,000 after purchasing an additional 2,711 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Uniti Group by 14.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 22,387 shares of the real estate investment trust’s stock valued at $126,000 after purchasing an additional 2,852 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Uniti Group by 9.3% in the second quarter. Van ECK Associates Corp now owns 50,294 shares of the real estate investment trust’s stock worth $147,000 after purchasing an additional 4,271 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its holdings in shares of Uniti Group by 2.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 300,600 shares of the real estate investment trust’s stock worth $1,695,000 after purchasing an additional 7,000 shares during the last quarter. 87.51% of the stock is owned by hedge funds and other 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.