Gabelli Funds LLC Invests $1.16 Million in Elme Communities $ELME

Gabelli Funds LLC purchased a new position in shares of Elme Communities (NYSE:ELME) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 579,200 shares of the company’s stock, valued at approximately $1,164,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bulldog Investors LLP bought a new position in shares of Elme Communities in the first quarter worth about $4,020,000. Highbridge Capital Management LLC bought a new stake in Elme Communities during the 4th quarter valued at approximately $98,103,000. Yakira Capital Management Inc. grew its holdings in Elme Communities by 231.2% in the 4th quarter. Yakira Capital Management Inc. now owns 475,322 shares of the company’s stock valued at $8,271,000 after buying an additional 331,810 shares during the last quarter. Verition Fund Management LLC grew its holdings in Elme Communities by 17.0% in the 4th quarter. Verition Fund Management LLC now owns 2,315,319 shares of the company’s stock valued at $40,287,000 after buying an additional 337,185 shares during the last quarter. Finally, NewGen Asset Management Ltd bought a new position in Elme Communities in the 1st quarter worth approximately $1,159,000. Institutional investors and hedge funds own 87.88% of the company’s stock.

Elme Communities Stock Down 0.3%

Elme Communities stock opened at $1.62 on Friday. The business has a 50 day moving average price of $1.77 and a two-hundred day moving average price of $2.06. Elme Communities has a 12 month low of $1.26 and a 12 month high of $17.68. The stock has a market cap of $144.40 million, a price-to-earnings ratio of -1.07 and a beta of 0.73.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. BTIG Research reiterated a “neutral” rating on shares of Elme Communities in a report on Monday, April 6th. Weiss Ratings restated a “sell (d)” rating on shares of Elme Communities in a research note on Wednesday, July 8th. Finally, Wall Street Zen raised shares of Elme Communities from a “strong sell” rating to a “hold” rating in a research report on Saturday, July 25th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $18.00.

Elme Communities 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.