Analysts Set Elme Communities (NYSE:ELME) PT at $18.00

Shares of Elme Communities (NYSE:ELME) have been assigned a consensus rating of “Reduce” from the four analysts that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $18.00.

Several research firms recently weighed in on ELME. BTIG Research restated a “neutral” rating on shares of Elme Communities in a report on Monday, April 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Elme Communities in a report on Wednesday, July 8th.

Elme Communities Trading Down 0.3%

Shares of ELME stock opened at $1.51 on Wednesday. Elme Communities has a twelve month low of $1.26 and a twelve month high of $17.68. The stock has a fifty day simple moving average of $1.86 and a two-hundred day simple moving average of $2.86. The stock has a market capitalization of $134.62 million, a price-to-earnings ratio of -1.00 and a beta of 0.73.

Institutional Investors Weigh In On Elme Communities

Several hedge funds have recently modified their holdings of ELME. Highbridge Capital Management LLC bought a new position in shares of Elme Communities during the 4th quarter worth approximately $98,103,000. Verition Fund Management LLC boosted its stake in Elme Communities by 17.0% in the fourth quarter. Verition Fund Management LLC now owns 2,315,319 shares of the company’s stock valued at $40,287,000 after acquiring an additional 337,185 shares in the last quarter. Yakira Capital Management Inc. increased its position in shares of Elme Communities by 231.2% during the fourth quarter. Yakira Capital Management Inc. now owns 475,322 shares of the company’s stock worth $8,271,000 after purchasing an additional 331,810 shares in the last quarter. Deltec Asset Management LLC acquired a new position in shares of Elme Communities during the first quarter worth $910,000. Finally, Credit Industriel ET Commercial increased its position in shares of 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 purchasing an additional 1,423,000 shares in the last quarter. 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.