Elme Communities (NYSE:ELME) Given Consensus Recommendation of “Reduce” by Analysts

Elme Communities (NYSE:ELME) has been assigned a consensus recommendation of “Reduce” from the four ratings firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating and three have issued a hold rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $18.00.

Several equities research analysts recently weighed in on ELME shares. BTIG Research restated a “neutral” rating on shares of Elme Communities in a report on Monday, April 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Elme Communities in a report on Wednesday, July 8th.

Elme Communities Stock Performance

ELME opened at $1.51 on Wednesday. The company has a market cap of $134.62 million, a PE ratio of -1.00 and a beta of 0.73. The stock has a 50-day moving average of $1.89 and a 200-day moving average of $3.20. Elme Communities has a 52-week low of $1.26 and a 52-week high of $17.68.

Institutional Trading of Elme Communities

Large investors have recently modified their holdings of the company. Highbridge Capital Management LLC bought a new stake in Elme Communities during the 4th quarter valued at approximately $98,103,000. Verition Fund Management LLC increased its position in Elme Communities by 17.0% in 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 period. Yakira Capital Management Inc. increased its position in Elme Communities by 231.2% in the 4th quarter. Yakira Capital Management Inc. now owns 475,322 shares of the company’s stock worth $8,271,000 after buying an additional 331,810 shares during the period. Deltec Asset Management LLC acquired a new position in shares of Elme Communities during the first quarter worth approximately $910,000. Finally, Credit Industriel ET Commercial lifted its holdings in shares of Elme Communities by 702.7% during the first quarter. Credit Industriel ET Commercial now owns 1,625,516 shares of the company’s stock worth $3,267,000 after buying an additional 1,423,000 shares during the last quarter. 87.88% of the stock is owned by institutional investors.

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.