Elme Communities (NYSE:ELME) Sees Significant Increase in Short Interest

Elme Communities (NYSE:ELME) was the recipient of a large growth in short interest in the month of April. As of April 15th, there was short interest totaling 2,683,458 shares, a growth of 16.2% from the March 31st total of 2,309,457 shares. Currently, 3.1% of the shares of the company are short sold. Based on an average daily trading volume, of 1,168,714 shares, the short-interest ratio is presently 2.3 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ELME. Federated Hermes Inc. grew its stake in Elme Communities by 107.2% during the third quarter. Federated Hermes Inc. now owns 2,116 shares of the company’s stock worth $36,000 after buying an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Elme Communities by 39.9% in the second quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company’s stock valued at $51,000 after acquiring an additional 922 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in Elme Communities during the fourth quarter valued at approximately $66,000. US Bancorp DE raised its position in Elme Communities by 43.8% during the third quarter. US Bancorp DE now owns 4,107 shares of the company’s stock valued at $69,000 after purchasing an additional 1,251 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Elme Communities during the second quarter worth $70,000. Institutional investors and hedge funds own 87.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ELME. Weiss Ratings reissued a “sell (d)” rating on shares of Elme Communities in a research report on Friday, April 10th. BTIG Research reaffirmed a “neutral” rating on shares of Elme Communities in a research report on Monday, April 6th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $18.00.

Elme Communities Price Performance

Shares of ELME stock traded down $0.01 during trading on Friday, hitting $2.17. The company had a trading volume of 1,034,814 shares, compared to its average volume of 939,365. The firm has a market capitalization of $192.38 million, a P/E ratio of -1.42 and a beta of 0.71. Elme Communities has a one year low of $1.98 and a one year high of $17.68. The company has a debt-to-equity ratio of 0.78, a quick ratio of 166.32 and a current ratio of 166.32. The stock’s 50-day moving average price is $2.11 and its 200 day moving average price is $8.73.

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.