Wall Street Zen Upgrades Elme Communities (NYSE:ELME) to “Hold”

Elme Communities (NYSE:ELME) was upgraded by equities research analysts at Wall Street Zen from a “strong sell” rating to a “hold” rating in a research note issued to investors on Saturday.

ELME has been the topic of several other reports. BTIG Research reiterated a “neutral” rating on shares of Elme Communities in a report on Monday, April 6th. Weiss Ratings reissued a “sell (d)” rating on shares of Elme Communities in a report on Wednesday, July 8th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Elme Communities currently has a consensus rating of “Reduce” and an average target price of $18.00.

Elme Communities Price Performance

Elme Communities stock opened at $1.50 on Friday. The company’s 50 day simple moving average is $1.80 and its 200 day simple moving average is $2.30. Elme Communities has a fifty-two week low of $1.26 and a fifty-two week high of $17.68. The firm has a market capitalization of $133.73 million, a price-to-earnings ratio of -0.99 and a beta of 0.73.

Hedge Funds Weigh In On Elme Communities

Several institutional investors have recently modified their holdings of the business. Highbridge Capital Management LLC bought a new stake in Elme Communities during the 4th quarter worth approximately $98,103,000. Bulldog Investors LLP bought a new position in Elme Communities in the first quarter valued at approximately $4,020,000. Schonfeld Strategic Advisors LLC bought a new position in Elme Communities in the third quarter valued at approximately $29,035,000. Verition Fund Management LLC boosted its holdings in shares of Elme Communities by 393.5% in the third quarter. Verition Fund Management LLC now owns 1,978,134 shares of the company’s stock valued at $33,351,000 after buying an additional 1,577,295 shares during the period. Finally, Credit Industriel ET Commercial boosted its holdings in shares of Elme Communities by 702.7% in the first quarter. Credit Industriel ET Commercial now owns 1,625,516 shares of the company’s stock valued at $3,267,000 after buying 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.