Compass Point Reaffirms Sell Rating for Innovative Industrial Properties (NYSE:IIPR)

Innovative Industrial Properties (NYSE:IIPR)‘s stock had its “sell” rating reiterated by investment analysts at Compass Point in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $50.00 price target on the stock, down from their prior price target of $60.00. Compass Point’s price target would indicate a potential downside of 21.60% from the stock’s previous close.

Several other analysts also recently issued reports on IIPR. Industrial Alliance Securities set a $60.00 price objective on shares of Innovative Industrial Properties in a research note on Tuesday, March 18th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Roth Mkm cut their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Piper Sandler lowered their price objective on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research note on Monday, March 17th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Innovative Industrial Properties has a consensus rating of “Hold” and a consensus target price of $85.00.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $63.77 on Monday. The business has a 50-day moving average price of $70.26 and a 200-day moving average price of $95.06. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 11.53 and a beta of 1.49. Innovative Industrial Properties has a twelve month low of $56.78 and a twelve month high of $138.35. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. As a group, equities research analysts predict that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Insider Transactions at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.50% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

A number of institutional investors have recently made changes to their positions in IIPR. Citigroup Inc. boosted its holdings in Innovative Industrial Properties by 37.0% in the third quarter. Citigroup Inc. now owns 42,417 shares of the company’s stock worth $5,709,000 after acquiring an additional 11,457 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Innovative Industrial Properties by 1,054.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock valued at $8,354,000 after purchasing an additional 56,689 shares during the last quarter. Captrust Financial Advisors boosted its stake in Innovative Industrial Properties by 11.6% in the 3rd quarter. Captrust Financial Advisors now owns 2,050 shares of the company’s stock worth $276,000 after purchasing an additional 213 shares in the last quarter. Beck Capital Management LLC grew its position in Innovative Industrial Properties by 5.7% during the 3rd quarter. Beck Capital Management LLC now owns 52,550 shares of the company’s stock worth $7,073,000 after purchasing an additional 2,840 shares during the last quarter. Finally, IHT Wealth Management LLC increased its stake in Innovative Industrial Properties by 87.0% during the 3rd quarter. IHT Wealth Management LLC now owns 6,772 shares of the company’s stock valued at $905,000 after purchasing an additional 3,150 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

About Innovative Industrial Properties

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.