Point72 Asset Management L.P. Sells 46,741 Shares of Uniti Group Inc. (NASDAQ:UNIT)

Point72 Asset Management L.P. lessened its holdings in shares of Uniti Group Inc. (NASDAQ:UNIT) by 44.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,300 shares of the real estate investment trust’s stock after selling 46,741 shares during the quarter. Point72 Asset Management L.P.’s holdings in Uniti Group were worth $323,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Uniti Group in the second quarter valued at approximately $28,000. Meeder Advisory Services Inc. purchased a new stake in shares of Uniti Group during the 2nd quarter valued at $36,000. Everhart Financial Group Inc. bought a new stake in shares of Uniti Group during the 2nd quarter worth $41,000. Choreo LLC purchased a new position in Uniti Group in the second quarter worth $41,000. Finally, DekaBank Deutsche Girozentrale increased 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 valued at $62,000 after acquiring an additional 12,291 shares during the last quarter. Hedge funds and other institutional investors own 87.51% of the company’s stock.

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 note on Thursday, August 29th.

Uniti Group Stock Performance

NASDAQ UNIT opened at $6.12 on Friday. The stock has a market cap of $1.49 billion, a P/E ratio of 14.93 and a beta of 1.35. 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 50 day simple moving average of $5.70 and a two-hundred day simple moving average of $4.56.

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.