Harvest Fund Management Increases Stake in Ubiquiti Inc. by 31.8%

Harvest Fund Management Co. Ltd has significantly increased its investment in Ubiquiti Inc. (NYSE: UI), raising its position by 31.8% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now holds 5,505 shares of Ubiquiti’s stock, having purchased an additional 1,327 shares during the period. The value of Harvest’s holdings in Ubiquiti is approximately $3,636,000.

The trend of institutional investment in Ubiquiti is notable. Other firms have also adjusted their stakes in the company recently. For instance, Exchange Traded Concepts LLC increased its position by 31.0%, now owning 76 shares valued at $50,000 after acquiring 18 shares. Similarly, SBI Securities Co. Ltd. boosted its investment by 200.0% in the second quarter, now holding 165 shares worth $68,000, an increase from an additional 110 shares purchased last quarter.

Further notable changes include Westside Investment Management Inc., which raised its stake by 100.0% during the third quarter, now owning 102 shares valued at $69,000. EverSource Wealth Advisors LLC also expanded its holdings by 31.5%, bringing its total to 142 shares worth $94,000 after purchasing an additional 34 shares. Lastly, Aster Capital Management DIFC Ltd grew its holdings by 135.0%, now owning 242 shares valued at $160,000.

As of now, institutional investors and hedge funds collectively own 4.00% of Ubiquiti’s stock.

Ubiquiti’s stock performance remains strong, opening at $756.72 on Friday. The company boasts a market capitalization of $45.80 billion, a price-to-earnings ratio of 51.55, and a beta of 1.33. Over the past year, the stock has fluctuated between a low of $255.00 and a high of $803.59. Its 50-day moving average price stands at $652.80, while the 200-day moving average price is $631.24.

In addition to its stock performance, Ubiquiti has declared a quarterly dividend of $0.80 per share, which was paid on February 23, 2024. Investors on record as of February 17, 2024 received this dividend, translating to an annualized dividend of $3.20 and a yield of 0.4%. The ex-dividend date was also February 17, 2024, and the company’s current dividend payout ratio is 21.80%.

Ubiquiti has attracted attention from Wall Street analysts, with several research reports published recently. Weiss Ratings maintained a “hold (c+)” rating, while BWS Financial reiterated a “buy” rating with a target price of $720.00. Wall Street Zen upgraded its stance from “hold” to “buy,” and Barclays raised its target price from $455.00 to $527.00 with an “underweight” rating. Lastly, Zacks Research moved its rating from “hold” to “strong-buy.”

Currently, Ubiquiti holds a consensus rating of “Moderate Buy” with a target price of $615.67, according to data from MarketBeat.com.

Founded in the United States, Ubiquiti Inc. designs and sells networking and wireless communication products tailored for enterprise, service provider, and consumer markets. The company’s product portfolio includes Wi-Fi access points, routers, managed Ethernet switches, and IP surveillance systems, categorized under notable brands like UniFi and AmpliFi. Ubiquiti prioritizes integrated hardware and software solutions, emphasizing centralized management and cloud-enabled control as central features of its offerings.

For those interested in the latest developments regarding Ubiquiti, including hedge fund activities, detailed information can be accessed at HoldingsChannel.com, which provides comprehensive insights into the company’s 13F filings and insider trades.