Piper Sandler Raises Innovative Industrial Properties (NYSE:IIPR) Price Target to $45.00

Innovative Industrial Properties (NYSE:IIPR) had its price target boosted by research analysts at Piper Sandler from $44.00 to $45.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Piper Sandler’s price target would indicate a potential downside of 12.48% from the stock’s previous close.

Separately, Weiss Ratings lowered shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, January 28th. Two research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Strong Sell” and an average price target of $53.00.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR traded up $0.32 during midday trading on Wednesday, reaching $51.42. 84,621 shares of the company were exchanged, compared to its average volume of 298,486. The stock has a market cap of $1.44 billion, a P/E ratio of 13.09 and a beta of 1.47. Innovative Industrial Properties has a 1 year low of $44.58 and a 1 year high of $74.92. The stock has a fifty day simple moving average of $49.27 and a 200 day simple moving average of $51.77. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.19.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, February 23rd. The company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.71 by $0.17. Innovative Industrial Properties had a return on equity of 6.39% and a net margin of 44.46%.The firm had revenue of $66.66 million during the quarter, compared to the consensus estimate of $66.16 million. During the same period in the prior year, the business earned $2.03 EPS. The firm’s revenue was down 13.1% compared to the same quarter last year. On average, research analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors have recently modified their holdings of IIPR. West Oak Capital LLC purchased a new position in Innovative Industrial Properties in the 3rd quarter valued at approximately $27,000. International Assets Investment Management LLC purchased a new position in shares of Innovative Industrial Properties in the fourth quarter valued at $25,000. FNY Investment Advisers LLC acquired a new position in shares of Innovative Industrial Properties during the 3rd quarter worth $32,000. Advisory Services Network LLC purchased a new stake in shares of Innovative Industrial Properties in the 3rd quarter worth about $34,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Innovative Industrial Properties in the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

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.