Elme Communities (NYSE:ELME) Receives Average Rating of "Reduce" from Brokerages

Key Points

• Elme Communities has a consensus brokerage rating of "Reduce" from four analysts, with one sell rating and three hold ratings. The average 12-month price target is $18.00.
• The stock was trading at $1.51, near its 12-month low of $1.26 and far below its 12-month high of $17.68. It also sits well under its 50-day and 200-day moving averages.
• Institutional investors own a large majority of the shares, with 87.88% held by hedge funds and other institutions. Recent filings show several funds taking new or larger positions in the company.

Shares of Elme Communities (NYSE:ELME - Get Free Report) have been assigned a consensus recommendation of "Reduce" from the four ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $18.00.

ELME has been the topic of a number of recent research reports. BTIG Research restated a "neutral" rating on shares of Elme Communities in a research note on Monday, April 6th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Elme Communities in a research note on Wednesday, July 8th.

Elme Communities Stock Down 0.3%

Shares of NYSE:ELME opened at $1.51 on Wednesday. The firm has a fifty day moving average of $1.89 and a two-hundred day moving average of $3.20. Elme Communities has a 12-month low of $1.26 and a 12-month high of $17.68. The firm has a market capitalization of $134.62 million, a P/E ratio of -1.00 and a beta of 0.73.

Hedge Funds Weigh In On Elme Communities

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Highbridge Capital Management LLC bought a new stake in Elme Communities in the fourth quarter worth approximately $98,103,000. Bulldog Investors LLP bought a new position in shares of Elme Communities during the 1st quarter valued at $4,020,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Elme Communities during the 3rd quarter valued at $29,035,000. Verition Fund Management LLC lifted its stake in shares of Elme Communities by 393.5% in the 3rd quarter. Verition Fund Management LLC now owns 1,978,134 shares of the company's stock valued at $33,351,000 after purchasing an additional 1,577,295 shares during the last quarter. Finally, Credit Industriel ET Commercial lifted its stake in shares of Elme Communities by 702.7% in the 1st quarter. Credit Industriel ET Commercial now owns 1,625,516 shares of the company's stock valued at $3,267,000 after purchasing an additional 1,423,000 shares during the last quarter. Institutional investors own 87.88% of the company's stock.

Elme Communities Company Profile

Elme Communities, Inc is a real estate investment trust (REIT) specializing in senior living real estate. The company focuses on acquiring and strategically partnering in a diversified portfolio of senior housing communities, providing real estate solutions across the spectrum of independent living, assisted living and memory care facilities. Elme Communities leases properties to experienced operators under long-term contractual arrangements designed to generate stable rental income and align incentives for both landlord and operator.

The company’s core activities include identifying acquisition opportunities, underwriting property performance, structuring lease agreements and overseeing asset management functions.

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