Innovative Industrial Properties (NYSE:IIPR) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) saw an uptick in trading volume on Wednesday . 1,509,073 shares changed hands during mid-day trading, an increase of 370% from the previous session’s volume of 321,177 shares.The stock last traded at $59.3650 and had previously closed at $60.34.

Analyst Ratings Changes

A number of research firms have recently commented on IIPR. Zacks Research lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Piper Sandler lifted their price objective on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 25th. Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Finally, Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective on the stock in a research note on Tuesday, March 3rd. Four investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Reduce” and an average price target of $45.00.

Innovative Industrial Properties Trading Up 6.1%

The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 15.78 and a beta of 1.42. The business has a 50-day moving average of $55.06 and a two-hundred day moving average of $52.25. The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.20.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The firm had revenue of $69.00 million for the quarter, compared to analyst estimates of $65.65 million. During the same period last year, the business earned $1.94 earnings per share. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. Research analysts predict that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter worth about $25,000. FNY Investment Advisers LLC acquired a new stake in Innovative Industrial Properties during the third quarter worth about $32,000. Advisory Services Network LLC acquired a new stake in Innovative Industrial Properties during the third quarter worth about $34,000. Los Angeles Capital Management LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter valued at approximately $35,000. Finally, Huntington National Bank boosted its holdings in Innovative Industrial Properties by 110.6% during the third quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after purchasing an additional 366 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.