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

Innovative Industrial Properties (NYSE:IIPR) had its target price increased by research analysts at Piper Sandler from $43.00 to $44.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Piper Sandler’s price objective would suggest a potential downside of 15.90% from the company’s previous close.

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

Innovative Industrial Properties Price Performance

Shares of Innovative Industrial Properties stock traded up $2.56 on Wednesday, hitting $52.32. 68,655 shares of the company were exchanged, compared to its average volume of 317,321. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 12.40 and a beta of 1.64. The company has a 50-day moving average price of $54.67 and a 200 day moving average price of $54.62. Innovative Industrial Properties has a 1-year low of $45.44 and a 1-year high of $134.31. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last released 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 6.72%. The business had revenue of $64.69 million during the quarter, compared to analyst estimates of $63.72 million. During the same quarter in the prior year, the company posted $2.25 earnings per share. The company’s revenue was down 15.4% on a year-over-year basis. As a group, sell-side analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innovative Industrial Properties

Several large investors have recently bought and sold shares of IIPR. Principal Financial Group Inc. boosted its stake in shares of Innovative Industrial Properties by 2.6% during the first quarter. Principal Financial Group Inc. now owns 155,355 shares of the company’s stock worth $8,403,000 after buying an additional 3,961 shares during the period. Principal Securities Inc. boosted its stake in shares of Innovative Industrial Properties by 25.4% during the first quarter. Principal Securities Inc. now owns 1,495 shares of the company’s stock worth $81,000 after buying an additional 303 shares during the period. Alps Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties during the first quarter worth about $209,000. Signaturefd LLC boosted its stake in shares of Innovative Industrial Properties by 49.7% during the first quarter. Signaturefd LLC now owns 756 shares of the company’s stock worth $41,000 after buying an additional 251 shares during the period. Finally, Retirement Planning Co of New England Inc. acquired a new stake in shares of Innovative Industrial Properties during the first quarter worth about $230,000. 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.