Elme Communities (NYSE:ELME) Short Interest Down 46.1% in March

Elme Communities (NYSE:ELME) was the target of a large decrease in short interest in the month of March. As of March 13th, there was short interest totaling 2,382,290 shares, a decrease of 46.1% from the February 26th total of 4,416,208 shares. Currently, 2.7% of the shares of the company are sold short. Based on an average daily volume of 1,381,441 shares, the days-to-cover ratio is currently 1.7 days.

Institutional Investors Weigh In On Elme Communities

Hedge funds and other institutional investors have recently bought and sold shares of the business. Highbridge Capital Management LLC bought a new position in shares of Elme Communities during the 4th quarter valued at about $98,103,000. Mangrove Partners IM LLC bought a new stake in shares of Elme Communities in the 3rd quarter worth approximately $34,485,000. Schonfeld Strategic Advisors LLC acquired a new stake in Elme Communities during the third quarter valued at approximately $29,035,000. Irenic Capital Management LP acquired a new stake in Elme Communities during the third quarter valued at approximately $28,660,000. Finally, Verition Fund Management LLC boosted its holdings in Elme Communities by 393.5% during the third 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. 87.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Elme Communities in a research note on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $18.00.

Elme Communities Price Performance

Shares of ELME stock traded up $0.01 during mid-day trading on Friday, hitting $2.03. 1,015,340 shares of the stock traded hands, compared to its average volume of 1,417,562. Elme Communities has a twelve month low of $1.98 and a twelve month 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 company’s 50-day simple moving average is $2.24 and its 200-day simple moving average is $11.11. The firm has a market cap of $179.94 million, a price-to-earnings ratio of -1.33 and a beta of 0.69.

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.