Pinnacle Associates Ltd. Purchases New Shares in Uniti Group Inc. (NASDAQ:UNIT)

Pinnacle Associates Ltd. acquired a new position in shares of Uniti Group Inc. (NASDAQ:UNIT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 19,881 shares of the real estate investment trust’s stock, valued at approximately $115,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Uniti Group during the 2nd quarter worth about $28,000. Meeder Advisory Services Inc. acquired a new position in shares of Uniti Group during the second quarter valued at approximately $36,000. Everhart Financial Group Inc. acquired a new position in shares of Uniti Group during the second quarter valued at approximately $41,000. Choreo LLC purchased a new position in shares of Uniti Group in the second quarter valued at approximately $41,000. Finally, DekaBank Deutsche Girozentrale boosted its stake in shares of Uniti Group by 138.1% in the second 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. 87.51% of the stock is owned by hedge funds and other institutional investors.

Uniti Group Price Performance

Shares of Uniti Group stock opened at $5.62 on Tuesday. The stock’s 50 day simple moving average is $5.31 and its 200-day simple moving average is $4.29. The stock has a market cap of $1.37 billion, a P/E ratio of 13.71 and a beta of 1.31. Uniti Group Inc. has a 1-year low of $2.57 and a 1-year high of $6.71.

Wall Street Analysts Forecast Growth

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

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.