Algert Global LLC Buys 591,678 Shares of Uniti Group Inc. (NASDAQ:UNIT)

Algert Global LLC raised its position in shares of Uniti Group Inc. (NASDAQ:UNIT) by 373.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 750,321 shares of the real estate investment trust’s stock after purchasing an additional 591,678 shares during the period. Algert Global LLC’s holdings in Uniti Group were worth $4,232,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Uniti Group in the second quarter worth about $28,000. Meeder Advisory Services Inc. purchased a new stake in shares of Uniti Group in the 2nd quarter worth approximately $36,000. Everhart Financial Group Inc. bought a new position in shares of Uniti Group during the second quarter valued at approximately $41,000. Choreo LLC purchased a new position in Uniti Group during the second quarter valued at approximately $41,000. Finally, DekaBank Deutsche Girozentrale raised its stake in 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 buying an additional 12,291 shares in the last quarter. Institutional investors own 87.51% of the company’s stock.

Wall Street Analyst Weigh In

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

Uniti Group Stock Performance

UNIT stock opened at $6.11 on Monday. Uniti Group Inc. has a one year low of $2.57 and a one year high of $6.71. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 14.90 and a beta of 1.31. The firm has a 50-day simple moving average of $5.57 and a two-hundred day simple moving average of $4.35.

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.