Elme Communities (NYSE:ELME) Sees Large Volume Increase – Should You Buy?

Shares of Elme Communities (NYSE:ELME) saw unusually-high trading volume on Wednesday . Approximately 1,851,443 shares changed hands during trading, an increase of 115% from the previous session’s volume of 861,254 shares.The stock last traded at $17.3550 and had previously closed at $17.15.

Analyst Ratings Changes

ELME has been the subject of a number of research reports. Truist Financial reissued a “hold” rating on shares of Elme Communities in a report on Thursday, September 11th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Elme Communities in a research report on Tuesday. JPMorgan Chase & Co. cut their target price on Elme Communities from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, October 21st. Finally, Wall Street Zen lowered shares of Elme Communities from a “hold” rating to a “sell” rating in a report on Friday, September 26th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Elme Communities has a consensus rating of “Reduce” and an average price target of $18.50.

Elme Communities Trading Up 1.2%

The business has a 50 day moving average of $16.75 and a two-hundred day moving average of $16.47. The firm has a market cap of $1.53 billion, a P/E ratio of -11.42 and a beta of 0.97. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.78.

Elme Communities (NYSE:ELME) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). Elme Communities had a negative net margin of 54.57% and a negative return on equity of 13.15%. The firm had revenue of $62.10 million for the quarter, compared to analyst estimates of $62.17 million. During the same quarter in the prior year, the firm earned $0.23 earnings per share. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts predict that Elme Communities will post 0.94 earnings per share for the current year.

Hedge Funds Weigh In On Elme Communities

Several hedge funds have recently modified their holdings of ELME. Cbre Investment Management Listed Real Assets LLC boosted its holdings in Elme Communities by 119.3% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,459,062 shares of the company’s stock worth $42,788,000 after buying an additional 1,337,974 shares during the period. Allianz Asset Management GmbH purchased a new stake in shares of Elme Communities during the first quarter worth $924,000. Waterfall Asset Management LLC bought a new position in shares of Elme Communities in the second quarter worth $2,583,000. Barings LLC purchased a new position in shares of Elme Communities in the second quarter valued at $770,000. Finally, HighTower Advisors LLC bought a new stake in shares of Elme Communities during the 1st quarter valued at $530,000. Institutional investors own 87.88% of the company’s stock.

Elme Communities Company Profile

Elme Communities is committed to elevating what home can be for middle-income renters by providing a higher level of quality, service, and experience. The Company is a multifamily real estate investment trust that owns and operates approximately 9,400 apartment homes in the Washington, DC metro and the Atlanta metro regions, and owns approximately 300,000 square feet of commercial space.