Elme Communities (NYSE:ELME) Given Average Recommendation of “Reduce” by Brokerages

Shares of Elme Communities (NYSE:ELME) have received an average rating of “Reduce” from the four ratings firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and three have assigned a hold recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $18.00.

A number of research firms have commented on ELME. Weiss Ratings reissued a “sell (d)” rating on shares of Elme Communities in a report on Friday, April 10th. BTIG Research reissued a “neutral” rating on shares of Elme Communities in a report on Monday, April 6th.

Elme Communities Price Performance

Elme Communities stock opened at $2.03 on Friday. Elme Communities has a one year low of $1.98 and a one year high of $17.68. The company has a debt-to-equity ratio of 0.78, a quick ratio of 166.32 and a current ratio of 166.32. The business has a fifty day moving average of $2.08 and a two-hundred day moving average of $5.17. The company has a market cap of $179.94 million, a P/E ratio of -1.33 and a beta of 0.68.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Elme Communities by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 13,804,794 shares of the company’s stock worth $232,749,000 after buying an additional 205,418 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Elme Communities during the 4th quarter worth $98,103,000. State Street Corp raised its stake in shares of Elme Communities by 0.5% during the 2nd quarter. State Street Corp now owns 5,212,791 shares of the company’s stock worth $83,804,000 after buying an additional 27,877 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its stake in shares of Elme Communities by 71.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 2,952,822 shares of the company’s stock worth $51,379,000 after buying an additional 1,230,674 shares during the last quarter. Finally, Verition Fund Management LLC raised its stake in shares of Elme Communities by 17.0% during the 4th quarter. Verition Fund Management LLC now owns 2,315,319 shares of the company’s stock worth $40,287,000 after buying an additional 337,185 shares during the last quarter. 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.