Elme Communities (NYSE:ELME) Receives $18.00 Consensus Target Price from Brokerages

Shares of Elme Communities (NYSE:ELME) have received a consensus recommendation of “Reduce” from the four analysts that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $18.00.

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

Hedge Funds Weigh In On Elme Communities

Institutional investors and hedge funds have recently modified their holdings of the stock. Bulldog Investors LLP purchased a new stake in Elme Communities during the 1st quarter valued at about $4,020,000. Highbridge Capital Management LLC bought a new stake in Elme Communities during the 4th quarter valued at about $98,103,000. Yakira Capital Management Inc. raised its holdings in Elme Communities by 231.2% in the fourth quarter. Yakira Capital Management Inc. now owns 475,322 shares of the company’s stock worth $8,271,000 after buying an additional 331,810 shares during the last quarter. Verition Fund Management LLC raised its holdings 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 worth $40,287,000 after buying an additional 337,185 shares during the last quarter. Finally, Deltec Asset Management LLC bought a new position in shares of Elme Communities in the first quarter worth approximately $910,000. 87.88% of the stock is currently owned by institutional investors.

Elme Communities Price Performance

NYSE:ELME opened at $1.51 on Wednesday. The firm has a market capitalization of $134.62 million, a P/E ratio of -1.00 and a beta of 0.73. Elme Communities has a one year low of $1.26 and a one year high of $17.68. The company’s 50-day simple moving average is $1.84 and its 200 day simple moving average is $2.64.

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.