Elme Communities (NYSE:ELME) Receives $18.00 Consensus PT from Analysts

Elme Communities (NYSE:ELME) has received a consensus recommendation of “Reduce” from the four research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $18.00.

ELME has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Elme Communities in a report on Wednesday, July 8th. BTIG Research reaffirmed a “neutral” rating on shares of Elme Communities in a report on Monday, April 6th.

Elme Communities Stock Performance

Shares of ELME opened at $1.51 on Wednesday. The company’s fifty day moving average is $1.86 and its 200 day moving average is $2.97. Elme Communities has a fifty-two week low of $1.26 and a fifty-two week high of $17.68. The stock has a market capitalization of $134.62 million, a PE ratio of -1.00 and a beta of 0.73.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELME. Militia Capital Management LLC acquired a new position in shares of Elme Communities during the first quarter valued at approximately $46,000. NewEdge Advisors LLC boosted its stake in shares of Elme Communities by 25,923.4% in the first quarter. NewEdge Advisors LLC now owns 45,541 shares of the company’s stock worth $92,000 after acquiring an additional 45,366 shares during the last quarter. Rangeley Capital LLC acquired a new stake in shares of Elme Communities in the first quarter worth approximately $1,323,000. Gabelli Funds LLC purchased a new stake in shares of Elme Communities during the first quarter worth approximately $1,164,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. increased its position in shares of Elme Communities by 504.8% during the first quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 579,640 shares of the company’s stock worth $1,165,000 after purchasing an additional 483,800 shares in the last quarter. Hedge funds and other 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.