Elme Communities (NYSE:ELME) Shares Gap Up Following Better-Than-Expected Earnings

Elme Communities (NYSE:ELME) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $15.49, but opened at $17.30. Elme Communities shares last traded at $17.26, with a volume of 627,605 shares.

The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.26. Elme Communities had a negative return on equity of 1.17% and a negative net margin of 5.51%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ELME. JPMorgan Chase & Co. lowered Elme Communities from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $19.00 to $18.00 in a research note on Tuesday, December 17th. Truist Financial raised Elme Communities from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. Finally, Wolfe Research began coverage on Elme Communities in a research note on Monday, October 21st. They issued a “peer perform” rating on the stock.

Hedge Funds Weigh In On Elme Communities

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Verdence Capital Advisors LLC lifted its position in Elme Communities by 5.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 16,058 shares of the company’s stock worth $282,000 after acquiring an additional 867 shares in the last quarter. Hunter Perkins Capital Management LLC lifted its position in Elme Communities by 3.9% during the 4th quarter. Hunter Perkins Capital Management LLC now owns 23,215 shares of the company’s stock worth $354,000 after acquiring an additional 875 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Elme Communities by 35.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock worth $60,000 after acquiring an additional 885 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in Elme Communities by 0.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 127,260 shares of the company’s stock worth $2,239,000 after acquiring an additional 954 shares in the last quarter. Finally, M&T Bank Corp increased its holdings in Elme Communities by 9.5% during the 3rd quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock worth $203,000 after purchasing an additional 1,000 shares during the last quarter. 87.88% of the stock is owned by institutional investors and hedge funds.

Elme Communities Stock Up 10.8 %

The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a fifty day simple moving average of $15.26 and a 200-day simple moving average of $16.48. The company has a market capitalization of $1.51 billion, a PE ratio of -114.09 and a beta of 0.91.

About Elme Communities

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.