Innovative Industrial Properties Inc (NYSE:IIPR) Director David Stecher Acquires 160 Shares
Innovative Industrial Properties Inc (NYSE:IIPR) Director David Stecher bought 160 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average cost of $106.20 per share, for a total transaction of $16,992.00. Following the completion of the transaction, the director now directly owns 5,650 shares of the company’s stock, valued at approximately $600,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Innovative Industrial Properties stock traded up $7.80 during midday trading on Tuesday, hitting $107.41. The company’s stock had a trading volume of 518,865 shares, compared to its average volume of 458,009. The company has a debt-to-equity ratio of 0.53, a current ratio of 51.96 and a quick ratio of 209.93. The business’s 50-day simple moving average is $117.00. Innovative Industrial Properties Inc has a 12 month low of $34.25 and a 12 month high of $139.53. The firm has a market capitalization of $1.01 billion, a P/E ratio of 80.16 and a beta of 2.01.
Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.18). The business had revenue of $8.62 billion during the quarter, compared to the consensus estimate of $8.37 million. Innovative Industrial Properties had a return on equity of 5.17% and a net margin of 47.83%. Innovative Industrial Properties’s revenue was up 160.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 earnings per share. As a group, equities analysts predict that Innovative Industrial Properties Inc will post 2.53 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Covenant Multifamily Offices LLC purchased a new position in Innovative Industrial Properties during the 1st quarter valued at about $25,000. CENTRAL TRUST Co purchased a new position in Innovative Industrial Properties during the 1st quarter valued at about $41,000. Focused Wealth Management Inc grew its stake in Innovative Industrial Properties by 230.0% during the 2nd quarter. Focused Wealth Management Inc now owns 330 shares of the company’s stock valued at $41,000 after acquiring an additional 230 shares in the last quarter. TRUE Private Wealth Advisors purchased a new position in Innovative Industrial Properties during the 2nd quarter valued at about $42,000. Finally, RPG Investment Advisory LLC grew its stake in Innovative Industrial Properties by 700.0% during the 1st quarter. RPG Investment Advisory LLC now owns 600 shares of the company’s stock valued at $49,000 after acquiring an additional 525 shares in the last quarter. Hedge funds and other institutional investors own 61.11% of the company’s stock.
Several equities research analysts recently issued reports on the stock. BTIG Research raised their target price on shares of Innovative Industrial Properties to $148.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. TheStreet lowered shares of Innovative Industrial Properties from a “b-” rating to a “c” rating in a research note on Wednesday, August 7th. ValuEngine lowered shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $119.00 price target for the company in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Innovative Industrial Properties currently has a consensus rating of “Buy” and an average target price of $91.25.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.
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