Weiss Ratings Reaffirms "Hold (C)" Rating for Elme Communities (NYSE:ELME)

Key Points

• Weiss Ratings has reaffirmed a "hold (C)" rating for Elme Communities (NYSE:ELME), while several other analysts have also provided similar or downgraded ratings.
• Elme Communities reported a quarterly earnings miss with $0.22 EPS, falling short of the $0.23 consensus estimate, and registered a negative net margin of 54.57%.
• The company's stock is currently trading at $16.67, with a consensus target price of $18.50 and has seen a recent 1.4% decline in value.

Elme Communities (NYSE:ELME - Get Free Report)'s stock had its "hold (c)" rating reiterated by equities research analysts at Weiss Ratings in a research report issued on Friday,Weiss Ratings reports.

A number of other equities research analysts also recently weighed in on ELME. Truist Financial restated a "hold" rating on shares of Elme Communities in a research note on Thursday, September 11th. Wall Street Zen downgraded shares of Elme Communities from a "hold" rating to a "sell" rating in a research note on Friday, September 26th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Elme Communities from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Tuesday. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Elme Communities currently has a consensus rating of "Hold" and a consensus target price of $18.50.

Elme Communities Trading Down 1.4%

ELME opened at $16.67 on Friday. The company's 50 day moving average is $16.89 and its 200-day moving average is $16.27. Elme Communities has a 1-year low of $13.95 and a 1-year high of $18.08. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.67. The company has a market cap of $1.47 billion, a P/E ratio of -10.96 and a beta of 1.01.

Elme Communities (NYSE:ELME - Get Free Report) last posted its quarterly earnings results on Thursday, October 23rd. The company reported $0.22 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.01). Elme Communities had a negative net margin of 54.57% and a negative return on equity of 12.67%. The company had revenue of $62.10 million during the quarter, compared to analyst estimates of $62.17 million. During the same quarter in the previous year, the business posted $0.23 earnings per share. The company's revenue for the quarter was up 1.7% on a year-over-year basis. Equities research analysts predict that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elme Communities

Several hedge funds have recently added to or reduced their stakes in ELME. CWM LLC boosted its position in Elme Communities by 240.1% during the 2nd quarter. CWM LLC now owns 2,078 shares of the company's stock worth $33,000 after buying an additional 1,467 shares during the period. Employees Retirement System of Texas acquired a new stake in Elme Communities during the 2nd quarter worth approximately $38,000. EverSource Wealth Advisors LLC raised its holdings in Elme Communities by 39.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company's stock worth $51,000 after purchasing an additional 922 shares during the last quarter. State of Wyoming acquired a new position in shares of Elme Communities in the 1st quarter worth approximately $66,000. Finally, GAMMA Investing LLC lifted its position in shares of Elme Communities by 20.8% in the 3rd quarter. GAMMA Investing LLC now owns 4,001 shares of the company's stock worth $67,000 after purchasing an additional 688 shares during the period. 87.88% of the stock is currently owned by institutional investors and hedge funds.

About Elme Communities

Elme Communities is committed to elevating what home can be for middle-income renters by providing a higher level of quality, service, and experience. The Company is a multifamily real estate investment trust that owns and operates approximately 9,400 apartment homes in the Washington, DC metro and the Atlanta metro regions, and owns approximately 300,000 square feet of commercial space.

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