Elme Communities (NYSE:ELME) Receives $18.00 Average PT from Brokerages

Shares of Elme Communities (NYSE:ELME) have received an average rating of “Reduce” from the four analysts that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating and three have given a hold rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $18.00.

ELME has been the subject of several analyst reports. BTIG Research reiterated a “neutral” rating on shares of Elme Communities in a report on Monday, April 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Elme Communities in a research report on Friday, April 10th.

Elme Communities Stock Performance

Shares of ELME stock opened at $2.06 on Tuesday. The firm has a 50-day moving average of $2.07 and a 200-day moving average of $6.56. The company has a market cap of $182.61 million, a P/E ratio of -1.35 and a beta of 0.69. The company has a debt-to-equity ratio of 0.78, a current ratio of 166.32 and a quick ratio of 166.32. Elme Communities has a one year low of $1.98 and a one year high of $17.68.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rangeley Capital LLC purchased a new position in Elme Communities in the first quarter valued at about $1,323,000. Gabelli Funds LLC purchased a new position in Elme Communities in the first quarter valued at about $1,164,000. GABELLI & Co INVESTMENT ADVISERS INC. boosted its stake in Elme Communities by 504.8% in the first quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 579,640 shares of the company’s stock valued at $1,165,000 after acquiring an additional 483,800 shares during the last quarter. DLD Asset Management LP boosted its stake in Elme Communities by 96.5% in the first quarter. DLD Asset Management LP now owns 1,090,312 shares of the company’s stock valued at $2,192,000 after acquiring an additional 535,312 shares during the last quarter. Finally, Militia Capital Management LLC purchased a new position in Elme Communities in the first quarter valued at about $46,000. 87.88% of the stock is currently owned by hedge funds and other 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.