Elme Communities (NYSE:ELME) Upgraded by Wall Street Zen to Hold Rating

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.

ELME has been the topic of a number of other research reports. BTIG Research restated 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 note on Wednesday, July 8th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $18.00.

Elme Communities Stock Up 2.4%

Shares of Elme Communities stock opened at $1.50 on Friday. The business has a fifty day simple moving average of $1.80 and a 200 day simple moving average of $2.41. The stock has a market cap of $133.73 million, a PE ratio of -0.99 and a beta of 0.73. Elme Communities has a 12 month low of $1.26 and a 12 month high of $17.68.

Institutional Trading of Elme Communities

A number of large investors have recently made changes to their positions in ELME. Highbridge Capital Management LLC acquired a new position in Elme Communities in the fourth quarter valued at about $98,103,000. Bulldog Investors LLP acquired a new stake in shares of Elme Communities during the first quarter worth about $4,020,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Elme Communities during the third quarter worth about $29,035,000. Verition Fund Management LLC lifted its holdings in shares of Elme Communities by 393.5% during the 3rd quarter. Verition Fund Management LLC now owns 1,978,134 shares of the company’s stock valued at $33,351,000 after purchasing an additional 1,577,295 shares in the last quarter. Finally, Credit Industriel ET Commercial grew its position in shares of Elme Communities by 702.7% in the 1st quarter. Credit Industriel ET Commercial now owns 1,625,516 shares of the company’s stock valued at $3,267,000 after purchasing an additional 1,423,000 shares during the period. Institutional investors own 87.88% of the company’s stock.

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.