Elme Communities (NYSE:ELME) Receives Average Recommendation of “Reduce” from Analysts

Elme Communities (NYSE:ELME) has been given an average rating of “Reduce” by the four brokerages that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $18.00.

A number of equities analysts have recently issued reports on the stock. BTIG Research reissued a “neutral” rating on shares of Elme Communities in a research report on Monday. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Elme Communities in a research note on Monday, December 29th.

Elme Communities Stock Down 0.2%

ELME traded down $0.01 during midday trading on Monday, hitting $2.05. The company had a trading volume of 235,786 shares, compared to its average volume of 4,057,776. Elme Communities has a 52 week low of $1.98 and a 52 week high of $17.68. The company has a quick ratio of 166.32, a current ratio of 166.32 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $181.72 million, a price-to-earnings ratio of -1.35 and a beta of 0.71. The stock’s 50 day moving average price is $2.14 and its 200 day moving average price is $10.58.

Hedge Funds Weigh In On Elme Communities

Several large investors have recently added to or reduced their stakes in ELME. Highbridge Capital Management LLC purchased a new position in shares of Elme Communities during the fourth quarter valued at approximately $98,103,000. Mangrove Partners IM LLC bought a new stake in Elme Communities in the 3rd quarter worth about $34,485,000. Schonfeld Strategic Advisors LLC purchased a new stake in Elme Communities in the 3rd quarter valued at about $29,035,000. Irenic Capital Management LP purchased a new stake in Elme Communities in the 3rd quarter valued at about $28,660,000. Finally, Verition Fund Management LLC lifted its position in shares of Elme Communities by 393.5% during the 3rd quarter. Verition Fund Management LLC now owns 1,978,134 shares of the company’s stock worth $33,351,000 after buying an additional 1,577,295 shares in the last quarter. Institutional investors own 87.88% of the company’s stock.

Elme Communities Company Profile

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.