Uniti Group (NASDAQ:UNIT) Given New $6.00 Price Target at Royal Bank of Canada

Uniti Group (NASDAQ:UNIT) had its target price hoisted 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 Performance

NASDAQ UNIT opened at $5.49 on Monday. The stock has a market capitalization of $1.34 billion, a P/E ratio of 13.39 and a beta of 1.35. Uniti Group has a 52 week low of $2.57 and a 52 week high of $6.71. The stock has a fifty day moving average of $5.74 and a 200-day moving average of $4.71.

Institutional Trading of Uniti Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in UNIT. Franklin Resources Inc. boosted its stake in shares of Uniti Group by 2.2% in the 3rd quarter. Franklin Resources Inc. now owns 106,104 shares of the real estate investment trust’s stock valued at $572,000 after purchasing an additional 2,328 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Uniti Group in the third quarter valued at approximately $986,000. Virtu Financial LLC bought a new position in Uniti Group in the third quarter valued at approximately $70,000. King Street Capital Management L.P. acquired a new stake in Uniti Group during the 3rd quarter worth $8,798,000. Finally, Vestcor Inc raised its position in shares of Uniti Group by 8.1% during the 3rd quarter. Vestcor Inc now owns 312,497 shares of the real estate investment trust’s stock valued at $1,762,000 after acquiring an additional 23,386 shares during the last quarter. 87.51% of the stock is owned by 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.