Rangeley Capital LLC Purchases New Position in Elme Communities $ELME

Rangeley Capital LLC bought a new stake in Elme Communities (NYSE:ELME) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 658,000 shares of the company’s stock, valued at approximately $1,323,000. Elme Communities comprises 1.2% of Rangeley Capital LLC’s investment portfolio, making the stock its 26th largest position. Rangeley Capital LLC owned 0.74% of Elme Communities at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Highbridge Capital Management LLC acquired a new stake in shares of Elme Communities during the fourth quarter worth about $98,103,000. Bulldog Investors LLP acquired a new position in Elme Communities during the first quarter worth $4,020,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Elme Communities during the 3rd quarter worth $29,035,000. Verition Fund Management LLC grew its position in Elme Communities by 393.5% during the third quarter. Verition Fund Management LLC now owns 1,978,134 shares of the company’s stock worth $33,351,000 after buying an additional 1,577,295 shares during the period. Finally, Credit Industriel ET Commercial grew its holdings 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 worth $3,267,000 after acquiring an additional 1,423,000 shares during the period. Institutional investors and hedge funds own 87.88% of the company’s stock.

Elme Communities Price Performance

Shares of ELME opened at $1.50 on Monday. Elme Communities has a 12 month low of $1.26 and a 12 month high of $17.68. The stock’s 50-day moving average is $1.80 and its two-hundred day moving average is $2.30. The stock has a market cap of $133.73 million, a PE ratio of -0.99 and a beta of 0.73.

Analyst Ratings Changes

ELME has been the subject of several recent research reports. Weiss Ratings restated a “sell (d)” rating on shares of Elme Communities in a report on Wednesday, July 8th. Wall Street Zen upgraded Elme Communities from a “strong sell” rating to a “hold” rating in a report on Saturday. Finally, BTIG Research reissued a “neutral” rating on shares of Elme Communities in a research report on Monday, April 6th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $18.00.

Elme Communities 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.