Newtyn Management LLC Buys 2,189,739 Shares of Elme Communities $ELME

Key Points

• Newtyn Management increased its Elme Communities stake by 705.8%, purchasing 2,189,739 additional shares to own 2.5 million shares, or approximately 2.81% of the company.
• Institutional investors and hedge funds collectively own 87.88% of Elme Communities, with several firms also increasing their positions during the second and third quarters.
• ELME shares opened at $1.68, near the lower end of their 52-week range, while analysts maintain an overall “Reduce” rating with an average price target of $18.00.

Newtyn Management LLC lifted its stake in shares of Elme Communities (NYSE:ELME - Free Report) by 705.8% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,500,000 shares of the company's stock after buying an additional 2,189,739 shares during the quarter. Elme Communities comprises about 0.5% of Newtyn Management LLC's portfolio, making the stock its 27th largest holding. Newtyn Management LLC owned approximately 2.81% of Elme Communities worth $3,700,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its holdings in Elme Communities by 39.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company's stock valued at $51,000 after acquiring an additional 922 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Elme Communities by 3.6% during the second quarter. Daiwa Securities Group Inc. now owns 31,470 shares of the company's stock worth $500,000 after acquiring an additional 1,090 shares during the period. M&T Bank Corp boosted its holdings in shares of Elme Communities by 9.1% during the second quarter. M&T Bank Corp now owns 14,268 shares of the company's stock worth $227,000 after acquiring an additional 1,190 shares during the period. US Bancorp DE grew its position in shares of Elme Communities by 43.8% in the third quarter. US Bancorp DE now owns 4,107 shares of the company's stock valued at $69,000 after purchasing an additional 1,251 shares during the last quarter. Finally, Amundi grew its position in shares of Elme Communities by 3.4% in the third quarter. Amundi now owns 59,391 shares of the company's stock valued at $994,000 after purchasing an additional 1,969 shares during the last quarter. Institutional investors and hedge funds own 87.88% of the company's stock.

Elme Communities Price Performance

Shares of NYSE:ELME opened at $1.68 on Monday. The business's 50 day simple moving average is $1.61 and its 200 day simple moving average is $1.92. Elme Communities has a 1 year low of $1.26 and a 1 year high of $17.68. The company has a market capitalization of $148.84 million, a P/E ratio of -1.10 and a beta of 0.72.

Analysts Set New Price Targets

Several research firms recently weighed in on ELME. Wall Street Zen raised Elme Communities from a "strong sell" rating to a "hold" rating in a report on Saturday, July 25th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Elme Communities in a report on Wednesday, July 8th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Elme Communities presently has an average rating of "Reduce" and an average price target of $18.00.

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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