Elme Communities (NYSE:ELME) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Elme Communities (NYSE:ELME) from a strong sell rating to a hold rating in a report issued on Saturday morning.

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

Elme Communities Stock Performance

Shares of ELME opened at $1.61 on Friday. The stock has a 50 day moving average price of $1.80 and a two-hundred day moving average price of $2.19. The firm has a market capitalization of $143.51 million, a P/E ratio of -1.06 and a beta of 0.73. Elme Communities has a 52 week low of $1.26 and a 52 week high of $17.68.

Institutional Investors Weigh In On Elme Communities

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Highbridge Capital Management LLC bought a new position in shares of Elme Communities during the 4th quarter worth approximately $98,103,000. Bulldog Investors LLP bought a new position in shares of Elme Communities in the first quarter valued at approximately $4,020,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Elme Communities during the third quarter valued at approximately $29,035,000. Verition Fund Management LLC increased its position in shares of Elme Communities by 393.5% during the third quarter. Verition Fund Management LLC now owns 1,978,134 shares of the company’s stock valued at $33,351,000 after acquiring an additional 1,577,295 shares during the last quarter. Finally, Credit Industriel ET Commercial lifted its holdings in 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 acquiring an additional 1,423,000 shares during the period. Hedge funds and other institutional investors own 87.88% of the company’s stock.

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.