Elme Communities (NYSE:ELME) Short Interest Update

Key Points

• Short interest rose 16.2% in April to 2,683,458 shares (about 3.1% of shares short) with a short-interest ratio of 2.3 days based on average daily volume.
• Shares traded at $2.17 midday, near their 1-year low and well below the 200-day SMA of $8.78; the company has a market cap of $192.4 million and a negative P/E.
• Analysts carry an average rating of "Reduce" with a consensus price target of $18.00 (three Holds, one Sell), while institutional investors own about 87.9% of the stock and several firms including UBS and Jane Street recently increased stakes.

Elme Communities (NYSE:ELME - Get Free Report) saw a significant growth in short interest during the month of April. As of April 15th, there was short interest totaling 2,683,458 shares, a growth of 16.2% from the March 31st total of 2,309,457 shares. Based on an average trading volume of 1,168,714 shares, the short-interest ratio is presently 2.3 days. Approximately 3.1% of the shares of the stock are short sold.

Elme Communities Price Performance

Shares of Elme Communities stock traded up $0.02 during midday trading on Thursday, reaching $2.17. The company had a trading volume of 119,603 shares, compared to its average volume of 3,384,325. The company has a current ratio of 166.32, a quick ratio of 166.32 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $192.38 million, a price-to-earnings ratio of -1.42 and a beta of 0.71. The stock has a fifty day simple moving average of $2.11 and a 200 day simple moving average of $8.78. Elme Communities has a 1-year low of $1.98 and a 1-year high of $17.68.

Analysts Set New Price Targets

ELME has been the subject of a number of research analyst reports. BTIG Research reiterated a "neutral" rating on shares of Elme Communities in a research note on Monday, April 6th. Weiss Ratings reiterated a "sell (d)" rating on shares of Elme Communities in a research note on Friday, April 10th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Elme Communities currently has an average rating of "Reduce" and a consensus price target of $18.00.

Institutional Trading of Elme Communities

A number of institutional investors have recently bought and sold shares of ELME. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Elme Communities by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,358 shares of the company's stock worth $911,000 after acquiring an additional 2,315 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Elme Communities by 6.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 638,149 shares of the company's stock worth $11,104,000 after purchasing an additional 40,722 shares during the period. Jane Street Group LLC grew its stake in shares of Elme Communities by 170.3% during the first quarter. Jane Street Group LLC now owns 101,800 shares of the company's stock worth $1,771,000 after purchasing an additional 64,137 shares during the period. Creative Planning grew its stake in shares of Elme Communities by 29.8% during the second quarter. Creative Planning now owns 14,386 shares of the company's stock worth $229,000 after purchasing an additional 3,307 shares during the period. Finally, Norges Bank acquired a new stake in shares of Elme Communities during the second quarter worth $1,465,000. Institutional investors and hedge funds own 87.88% of the company's stock.

About Elme Communities

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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