Innovative Industrial Properties (NYSE:IIPR) Rating Lowered to “Underweight” at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR) was downgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “underweight” rating in a report issued on Friday,Briefing.com Automated Import reports. They currently have a $70.00 price target on the stock, down from their prior price target of $118.00. Piper Sandler’s price objective would indicate a potential downside of 5.03% from the company’s previous close.

Several other analysts have also weighed in on the stock. Alliance Global Partners started coverage on shares of Innovative Industrial Properties in a research note on Tuesday. They issued a “buy” rating and a $130.00 price objective for the company. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $125.00 to $78.00 in a research report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Trading Down 22.7 %

NYSE IIPR traded down $21.63 during trading hours on Friday, reaching $73.71. The company’s stock had a trading volume of 1,873,081 shares, compared to its average volume of 210,430. Innovative Industrial Properties has a 52 week low of $70.88 and a 52 week high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The stock has a market cap of $2.09 billion, a P/E ratio of 13.12 and a beta of 1.30. The firm has a fifty day simple moving average of $115.55 and a 200-day simple moving average of $118.10.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same quarter last year, the business earned $2.29 earnings per share. Innovative Industrial Properties’s revenue was down 1.7% compared to the same quarter last year. Equities analysts forecast that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP lifted its position in shares of Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after acquiring an additional 185,855 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Innovative Industrial Properties by 1,054.5% during the third 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 acquiring an additional 56,689 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after purchasing an additional 45,779 shares in the last quarter. Jupiter Asset Management Ltd. boosted its holdings in Innovative Industrial Properties by 279.1% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock valued at $5,171,000 after purchasing an additional 34,854 shares during the period. Finally, Barclays PLC grew its position in shares of Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after purchasing an additional 31,295 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

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.