Elme Communities (NYSE:ELME) Short Interest Update

Elme Communities (NYSE:ELME) saw a significant increase in short interest in January. As of January 15th, there was short interest totaling 4,412,926 shares, an increase of 65.0% from the December 31st total of 2,675,112 shares. Based on an average daily volume of 9,745,233 shares, the days-to-cover ratio is currently 0.5 days. Currently, 5.1% of the company’s stock are short sold. Currently, 5.1% of the company’s stock are short sold. Based on an average daily volume of 9,745,233 shares, the days-to-cover ratio is currently 0.5 days.

Elme Communities Trading Up 1.4%

NYSE:ELME opened at $2.21 on Monday. The stock has a market capitalization of $194.83 million, a price-to-earnings ratio of -1.45 and a beta of 0.79. Elme Communities has a 1 year low of $2.10 and a 1 year high of $18.08. The stock has a fifty day moving average price of $12.40 and a two-hundred day moving average price of $15.16. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.54 and a current ratio of 0.54.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Mangrove Partners IM LLC acquired a new stake in Elme Communities in the 3rd quarter valued at about $34,485,000. Schonfeld Strategic Advisors LLC acquired a new position in Elme Communities in the 3rd quarter valued at about $29,035,000. Irenic Capital Management LP purchased a new position in shares of Elme Communities during the third quarter valued at approximately $28,660,000. Verition Fund Management LLC boosted its position in Elme Communities by 393.5% during the third quarter. Verition Fund Management LLC now owns 1,978,134 shares of the company’s stock worth $33,351,000 after acquiring an additional 1,577,295 shares during the last quarter. Finally, DSC Meridian Capital LP purchased a new stake in Elme Communities in the 3rd quarter worth approximately $9,156,000. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Wall Street Analyst Weigh In

ELME has been the subject of a number of research reports. Weiss Ratings restated a “sell (d+)” rating on shares of Elme Communities in a research note on Monday, December 29th. JPMorgan Chase & Co. reduced their target price on Elme Communities from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, October 21st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $18.50.

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.