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

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

Uniti Group Stock Up 2.3 %

Uniti Group stock opened at $5.70 on Monday. The company’s 50-day moving average price is $5.74 and its 200-day moving average price is $4.69. The company has a market cap of $1.39 billion, a PE ratio of 13.90 and a beta of 1.35. Uniti Group has a twelve month low of $2.57 and a twelve month high of $6.71.

Institutional Investors Weigh In On Uniti Group

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