Elme Communities (NYSE:ELME) Sees Unusually-High Trading Volume – Still a Buy?

Elme Communities (NYSE:ELME) saw unusually-high trading volume on Wednesday . Approximately 1,851,443 shares were traded 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.

Wall Street Analyst Weigh In

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

Elme Communities Stock Performance

The stock has a 50 day simple moving average of $16.75 and a 200 day simple moving average of $16.47. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.78. The company has a market cap of $1.53 billion, a price-to-earnings ratio of -11.42 and a beta of 0.97.

Elme Communities (NYSE:ELME) last released its quarterly earnings results on Thursday, October 23rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01). The business had revenue of $62.10 million during the quarter, compared to the consensus estimate of $62.17 million. Elme Communities had a negative return on equity of 13.15% and a negative net margin of 54.57%.The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.23 EPS. As a group, analysts predict that Elme Communities will post 0.94 EPS for the current year.

Institutional Trading of Elme Communities

Several large investors have recently added to or reduced their stakes in ELME. Mangrove Partners IM LLC acquired a new stake in shares of Elme Communities in the third quarter worth $34,485,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Elme Communities in the third quarter worth approximately $29,035,000. Irenic Capital Management LP acquired a new stake in shares of Elme Communities during the third quarter worth approximately $28,660,000. Verition Fund Management LLC lifted its position in Elme Communities by 393.5% in the 3rd quarter. Verition Fund Management LLC now owns 1,978,134 shares of the company’s stock worth $33,351,000 after buying an additional 1,577,295 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its holdings in shares of Elme Communities by 119.3% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,459,062 shares of the company’s stock valued at $42,788,000 after acquiring an additional 1,337,974 shares in the last quarter. 87.88% of the stock is owned by institutional investors and hedge funds.

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.