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

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. boosted its holdings in shares of Elme Communities by 107.2% during the 3rd quarter. Federated Hermes Inc. now owns 2,116 shares of the company’s stock worth $36,000 after purchasing an additional 1,095 shares during the last quarter. Employees Retirement System of Texas acquired a new stake in shares of Elme Communities in the second quarter valued at approximately $38,000. EverSource Wealth Advisors LLC lifted its position in Elme Communities by 39.9% during the second quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company’s stock worth $51,000 after buying an additional 922 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in Elme Communities during the fourth quarter worth approximately $66,000. Finally, GAMMA Investing LLC boosted its stake in Elme Communities by 20.8% during the third quarter. GAMMA Investing LLC now owns 4,001 shares of the company’s stock worth $67,000 after buying an additional 688 shares during the last quarter. 87.88% of the stock is owned by hedge funds and other institutional investors.

Elme Communities Stock Performance

NYSE:ELME opened at $2.05 on Friday. The company’s 50-day moving average price is $2.26 and its 200-day moving average price is $11.30. The company has a current ratio of 166.32, a quick ratio of 166.32 and a debt-to-equity ratio of 0.78. The company has a market cap of $182.07 million, a P/E ratio of -1.35 and a beta of 0.69. Elme Communities has a twelve month low of $1.98 and a twelve month high of $17.68.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Elme Communities in a research report on Monday, December 29th. Two investment 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, Elme Communities presently has a consensus rating of “Reduce” and a consensus target price of $18.00.

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.