Elme Communities (NYSE:ELME) Short Interest Update

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

Wall Street Analysts Forecast Growth

ELME has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Elme Communities in a report on Friday, April 10th. BTIG Research reissued a “neutral” rating on shares of Elme Communities in a report on Monday, April 6th. 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, the company presently has a consensus rating of “Reduce” and an average target price of $18.00.

Elme Communities Stock Up 0.7%

NYSE ELME traded up $0.02 on Thursday, reaching $2.17. The company had a trading volume of 119,603 shares, compared to its average volume of 3,384,325. 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 firm has a market capitalization of $192.38 million, a price-to-earnings ratio of -1.42 and a beta of 0.71. The company’s fifty day moving average is $2.11 and its 200-day moving average is $8.78. Elme Communities has a 1-year low of $1.98 and a 1-year high of $17.68.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanderbilt University acquired a new position in shares of Elme Communities during the third quarter worth about $1,078,000. Wolverine Asset Management LLC boosted its stake in shares of Elme Communities by 306.6% during the 3rd quarter. Wolverine Asset Management LLC now owns 574,937 shares of the company’s stock worth $9,693,000 after buying an additional 433,548 shares during the last quarter. Irenic Capital Management LP acquired a new position in shares of Elme Communities during the 3rd quarter worth about $28,660,000. Mangrove Partners IM LLC acquired a new position in shares of Elme Communities during the 3rd quarter worth about $34,485,000. Finally, DLD Asset Management LP acquired a new position in shares of Elme Communities during the 3rd quarter worth about $7,290,000. 87.88% of the stock is owned by institutional investors and hedge funds.

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.