Piper Sandler Issues Pessimistic Forecast for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR) had its price target cut by stock analysts at Piper Sandler from $51.00 to $44.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “underweight” rating on the stock. Piper Sandler’s price target suggests a potential downside of 14.67% from the stock’s previous close.

IIPR has been the topic of a number of other reports. Huntington initiated coverage on shares of Innovative Industrial Properties in a report on Friday, October 2nd. They set an “outperform” rating and a $60.00 target price on the stock. Weiss Ratings downgraded shares of Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Hold” and a consensus price target of $49.67.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $51.57 on Monday. The stock has a market cap of $1.42 billion, a P/E ratio of 7.01 and a beta of 1.37. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. The stock’s 50-day moving average is $55.52 and its 200-day moving average is $56.90. Innovative Industrial Properties has a 1-year low of $44.58 and a 1-year high of $65.38.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.34. The company had revenue of $63.31 million during the quarter, compared to the consensus estimate of $67.09 million. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. Equities research analysts anticipate that Innovative Industrial Properties will post 7.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Scott Shoemaker sold 611 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total value of $34,435.96. Following the transaction, the director owned 2,000 shares in the company, valued at approximately $112,720. The trade was a 23.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Alan Gold acquired 40,000 shares of Innovative Industrial Properties stock in a transaction dated Thursday, October 8th. The stock was purchased at an average cost of $25.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the chairman owned 40,000 shares in the company, valued at approximately $1,000,000. The trade was a ? increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Innovative Industrial Properties

Large investors have recently added to or reduced their stakes in the business. Nykredit A S bought a new stake in shares of Innovative Industrial Properties during the second quarter worth about $25,000. Caitlin John LLC bought a new position in Innovative Industrial Properties in the 2nd quarter valued at about $36,000. Triumph Capital Management lifted its position in Innovative Industrial Properties by 112.9% in the 2nd quarter. Triumph Capital Management now owns 905 shares of the company’s stock valued at $56,000 after acquiring an additional 480 shares in the last quarter. GAMMA Investing LLC lifted its position in Innovative Industrial Properties by 26.3% in the 3rd quarter. GAMMA Investing LLC now owns 1,833 shares of the company’s stock valued at $97,000 after acquiring an additional 382 shares in the last quarter. Finally, Virtus Advisers LLC acquired a new position in Innovative Industrial Properties during the 2nd quarter valued at about $137,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.

Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.

Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.