Elme Communities (NYSE:ELME) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Wall Street Zen upgraded Elme Communities from a "strong sell" to a hold rating, though the broader analyst view remains cautious.
• MarketBeat says ELME’s consensus rating is still "Reduce" with a $18.00 target price, and other firms have also maintained neutral or sell views.
• The stock was trading at $1.50, far below its 52-week high of $17.68, with a market cap of about $133.7 million.

Elme Communities (NYSE:ELME - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "strong sell" rating to a "hold" rating in a research report issued on Saturday.

ELME has been the subject of a number of other reports. Weiss Ratings restated a "sell (d)" rating on shares of Elme Communities in a report on Wednesday, July 8th. BTIG Research reaffirmed a "neutral" rating on shares of Elme Communities in a report on Monday, April 6th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Elme Communities has a consensus rating of "Reduce" and a consensus target price of $18.00.

Elme Communities Price Performance

Shares of ELME opened at $1.50 on Friday. The firm's 50 day moving average is $1.80 and its 200-day moving average is $2.41. The stock has a market capitalization of $133.73 million, a P/E ratio of -0.99 and a beta of 0.73. Elme Communities has a 12-month low of $1.26 and a 12-month high of $17.68.

Institutional Investors Weigh In On Elme Communities

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

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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