Piper Sandler Forecasts Strong Price Appreciation for Innovative Industrial Properties (NYSE:IIPR) Stock

Innovative Industrial Properties (NYSE:IIPR) had its target price upped by equities research analysts at Piper Sandler from $43.00 to $44.00 in a report issued on Wednesday, Marketbeat reports. The brokerage currently has an “underweight” rating on the stock. Piper Sandler’s price target points to a potential downside of 13.49% from the stock’s previous close.

Separately, Weiss Ratings upgraded shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties presently has an average rating of “Hold” and an average price target of $78.50.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $50.86 on Wednesday. The firm has a market cap of $1.43 billion, a P/E ratio of 12.05 and a beta of 1.64. The business’s 50 day moving average is $54.49 and its 200-day moving average is $54.58. The company has a current ratio of 2.75, a quick ratio of 10.30 and a debt-to-equity ratio of 0.19. Innovative Industrial Properties has a 1-year low of $45.44 and a 1-year high of $113.49.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, November 3rd. The company reported $1.71 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.02). Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. The firm had revenue of $64.69 million during the quarter, compared to analyst estimates of $63.72 million. During the same period in the prior year, the company earned $2.25 earnings per share. The business’s quarterly revenue was down 15.4% compared to the same quarter last year. Equities research analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Metis Global Partners LLC increased its stake in shares of Innovative Industrial Properties by 36.6% in the 3rd quarter. Metis Global Partners LLC now owns 6,317 shares of the company’s stock valued at $338,000 after purchasing an additional 1,692 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Innovative Industrial Properties by 13.6% in the third quarter. Advisors Asset Management Inc. now owns 11,035 shares of the company’s stock valued at $591,000 after buying an additional 1,323 shares in the last quarter. Baader Bank Aktiengesellschaft boosted its stake in Innovative Industrial Properties by 20.5% in the third quarter. Baader Bank Aktiengesellschaft now owns 6,625 shares of the company’s stock valued at $332,000 after buying an additional 1,125 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in Innovative Industrial Properties in the third quarter valued at about $297,000. Finally, Alps Advisors Inc. grew its position in Innovative Industrial Properties by 20.6% in the third quarter. Alps Advisors Inc. now owns 5,462 shares of the company’s stock valued at $293,000 after acquiring an additional 934 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated 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.