Inspire Advisors LLC Makes New Investment in Uniti Group Inc. (NASDAQ:UNIT)

Inspire Advisors LLC purchased a new position in shares of Uniti Group Inc. (NASDAQ:UNIT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 52,012 shares of the real estate investment trust’s stock, valued at approximately $152,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in UNIT. Norges Bank acquired a new position in Uniti Group during the fourth quarter worth $9,139,000. Vanguard Group Inc. boosted its stake in shares of Uniti Group by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 38,442,169 shares of the real estate investment trust’s stock worth $226,809,000 after buying an additional 542,485 shares during the last quarter. Strategic Financial Concepts LLC boosted its stake in shares of Uniti Group by 352.0% during the 2nd quarter. Strategic Financial Concepts LLC now owns 653,203 shares of the real estate investment trust’s stock worth $1,907,000 after buying an additional 508,699 shares during the last quarter. Panagora Asset Management Inc. bought a new position in shares of Uniti Group in the 4th quarter valued at about $2,766,000. Finally, Jupiter Asset Management Ltd. increased its position in shares of Uniti Group by 174.0% in the first quarter. Jupiter Asset Management Ltd. now owns 680,461 shares of the real estate investment trust’s stock valued at $4,015,000 after acquiring an additional 432,158 shares during the last quarter. 87.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Uniti Group Trading Up 5.1 %

NASDAQ UNIT opened at $5.52 on Monday. The firm’s fifty day moving average price is $4.15 and its two-hundred day moving average price is $4.42. Uniti Group Inc. has a 1 year low of $2.57 and a 1 year high of $6.71. The firm has a market capitalization of $1.35 billion, a P/E ratio of 92.02 and a beta of 1.28.

Uniti Group (NASDAQ:UNIT) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $289.97 million. During the same period in the previous year, the company posted $0.34 earnings per share. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, research analysts anticipate that Uniti Group Inc. will post 1.31 EPS for the current fiscal year.

Insider Activity

In related news, SVP Ronald J. Mudry sold 28,693 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $3.94, for a total transaction of $113,050.42. Following the transaction, the senior vice president now directly owns 513,761 shares of the company’s stock, 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 this hyperlink. Insiders own 1.39% of the company’s stock.

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.