Elme Communities (NYSE:ELME) Sees Large Growth in Short Interest

Elme Communities (NYSE:ELME) saw 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 company’s shares are short sold. Based on an average daily volume of 1,168,714 shares, the days-to-cover ratio is presently 2.3 days.

Analyst Ratings Changes

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

Elme Communities Stock Down 0.2%

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. lifted its position in Elme Communities by 107.2% in the 3rd quarter. Federated Hermes Inc. now owns 2,116 shares of the company’s stock valued at $36,000 after acquiring an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Elme Communities by 39.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company’s stock worth $51,000 after purchasing an additional 922 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in Elme Communities during the 4th quarter worth approximately $66,000. US Bancorp DE raised its stake in shares of Elme Communities by 43.8% in the third quarter. US Bancorp DE now owns 4,107 shares of the company’s stock worth $69,000 after purchasing an additional 1,251 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Elme Communities in the second quarter worth approximately $70,000. 87.88% of the stock is currently 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.