576,764 Shares in Elme Communities $ELME Acquired by NewGen Asset Management Ltd

NewGen Asset Management Ltd purchased a new position in Elme Communities (NYSE:ELME) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 576,764 shares of the company’s stock, valued at approximately $1,159,000. Elme Communities makes up approximately 0.4% of NewGen Asset Management Ltd’s holdings, making the stock its 19th largest holding. NewGen Asset Management Ltd owned approximately 0.65% of Elme Communities at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Highbridge Capital Management LLC purchased a new stake in shares of Elme Communities during the 4th quarter valued at $98,103,000. State Street Corp increased its stake in Elme Communities by 0.5% in the second quarter. State Street Corp now owns 5,212,791 shares of the company’s stock valued at $83,804,000 after acquiring an additional 27,877 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its stake in Elme Communities by 71.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 2,952,822 shares of the company’s stock valued at $51,379,000 after acquiring an additional 1,230,674 shares during the last quarter. Verition Fund Management LLC raised its position in Elme Communities by 17.0% during the fourth quarter. Verition Fund Management LLC now owns 2,315,319 shares of the company’s stock valued at $40,287,000 after purchasing an additional 337,185 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Elme Communities by 26.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,914,137 shares of the company’s stock valued at $33,306,000 after purchasing an additional 399,566 shares in the last quarter. Institutional investors own 87.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ELME shares. BTIG Research reiterated a “neutral” rating on shares of Elme Communities in a report on Monday, April 6th. Weiss Ratings reissued a “sell (d)” rating on shares of Elme Communities in a report on Wednesday, July 8th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Elme Communities presently has a consensus rating of “Reduce” and an average target price of $18.00.

Elme Communities Stock Performance

ELME stock opened at $1.50 on Tuesday. The firm has a market cap of $133.73 million, a P/E ratio of -0.99 and a beta of 0.73. The firm’s fifty day moving average is $1.85 and its 200 day moving average is $2.75. Elme Communities has a 52 week low of $1.26 and a 52 week high of $17.68.

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.