Shares of Uniti Group Inc. (NASDAQ:UNIT – Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $3.84, but opened at $3.58. Uniti Group shares last traded at $3.94, with a volume of 171,945 shares changing hands.
Analysts Set New Price Targets
Separately, Raymond James lowered shares of Uniti Group from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $8.00 to $6.00 in a report on Monday, May 6th.
View Our Latest Analysis on Uniti Group
Uniti Group Trading Up 3.4 %
Institutional Investors Weigh In On Uniti Group
Institutional investors and hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp lifted its position in Uniti Group by 9.3% during the 2nd quarter. Van ECK Associates Corp now owns 50,294 shares of the real estate investment trust’s stock valued at $147,000 after acquiring an additional 4,271 shares during the period. Crossmark Global Holdings Inc. raised its holdings in Uniti Group by 26.8% in the second quarter. Crossmark Global Holdings Inc. now owns 49,162 shares of the real estate investment trust’s stock worth $144,000 after buying an additional 10,398 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Uniti Group by 4.2% in the second quarter. Bank of New York Mellon Corp now owns 1,869,032 shares of the real estate investment trust’s stock worth $5,458,000 after buying an additional 74,832 shares during the last quarter. Optas LLC purchased a new position in Uniti Group in the second quarter worth about $79,000. Finally, Everhart Financial Group Inc. purchased a new position in Uniti Group in the second quarter worth about $41,000. 87.51% of the stock is owned by hedge funds and other institutional investors.
About Uniti Group
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.
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