Point72 Asia Singapore Pte. Ltd. Invests $28,000 in Uniti Group Inc. (NASDAQ:UNIT)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in Uniti Group Inc. (NASDAQ:UNIT) in the 2nd quarter, HoldingsChannel reports. The fund purchased 9,459 shares of the real estate investment trust’s stock, valued at approximately $28,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Uniti Group in the second quarter valued at $1,458,000. Davidson Kempner Capital Management LP lifted its stake in Uniti Group by 17.7% in the 2nd 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. Public Sector Pension Investment Board boosted its position in Uniti Group by 8.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 528,634 shares of the real estate investment trust’s stock worth $1,544,000 after acquiring an additional 39,423 shares during the period. ProShare Advisors LLC boosted its position in Uniti Group by 52.9% during the 2nd quarter. ProShare Advisors LLC now owns 73,454 shares of the real estate investment trust’s stock worth $214,000 after acquiring an additional 25,403 shares during the period. Finally, Pacer Advisors Inc. grew its stake in Uniti Group by 14.4% during the 2nd quarter. Pacer Advisors Inc. now owns 1,742,412 shares of the real estate investment trust’s stock valued at $5,088,000 after acquiring an additional 219,245 shares in the last quarter. Institutional investors and hedge funds own 87.51% of the company’s stock.

Uniti Group Trading Down 2.1 %

UNIT opened at $5.52 on Wednesday. The stock has a fifty day moving average price of $4.56 and a 200 day moving average price of $4.35. Uniti Group Inc. has a 1 year low of $2.57 and a 1 year high of $6.71. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 92.00 and a beta of 1.28.

Uniti Group (NASDAQ:UNIT) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.28). Uniti Group had a net margin of 0.79% and a negative return on equity of 0.37%. The firm had revenue of $294.90 million for the quarter, compared to analyst estimates of $289.97 million. During the same quarter in the prior year, the firm earned $0.34 earnings per share. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Uniti Group Inc. will post 1.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reissued a “sector perform” rating and issued a $5.50 price target on shares of Uniti Group in a research report on Thursday, August 29th.

Insiders Place Their Bets

In other news, SVP Ronald J. Mudry sold 28,693 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $3.94, for a total transaction of $113,050.42. Following the transaction, the senior vice president now owns 513,761 shares in the company, valued at approximately $2,024,218.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.39% of the company’s stock.

Uniti Group 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.