Algert Global LLC Raises Stock Position in Uniti Group Inc. (NASDAQ:UNIT)

Algert Global LLC raised its stake 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 and Exchange Commission. The fund owned 750,321 shares of the real estate investment trust’s stock after buying an additional 591,678 shares during the period. Algert Global LLC owned about 0.31% of Uniti Group worth $4,232,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Davidson Kempner Capital Management LP increased its position in Uniti Group by 17.7% during the second quarter. Davidson Kempner Capital Management LP now owns 5,480,000 shares of the real estate investment trust’s stock valued at $16,002,000 after acquiring an additional 825,000 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Uniti Group in the 2nd quarter worth approximately $362,000. Strategic Financial Concepts LLC boosted its holdings in shares of Uniti Group by 352.0% in the second 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. Mizuho Markets Americas LLC grew its position in Uniti Group by 548.9% during the third quarter. Mizuho Markets Americas LLC now owns 792,054 shares of the real estate investment trust’s stock valued at $4,467,000 after buying an additional 670,000 shares during the period. Finally, ProShare Advisors LLC increased its holdings in Uniti Group by 7.5% during the first quarter. ProShare Advisors LLC now owns 48,051 shares of the real estate investment trust’s stock valued at $284,000 after buying an additional 3,339 shares during the last quarter. 87.51% of the stock is owned by institutional investors.

Uniti Group Stock Performance

UNIT opened at $6.11 on Monday. Uniti Group Inc. has a fifty-two week low of $2.57 and a fifty-two week high of $6.71. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 14.90 and a beta of 1.31. The firm’s fifty day moving average is $5.57 and its 200 day moving average is $4.35.

Analyst Ratings Changes

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

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.