Innovative Industrial Properties (NYSE:IIPR) Raised to “Strong-Buy” at Zacks Research

Innovative Industrial Properties (NYSE:IIPR) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective for the company in a research note on Tuesday, March 3rd. Weiss Ratings lowered shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, March 25th. Finally, Piper Sandler lifted their price objective on shares of Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $49.00.

Innovative Industrial Properties Stock Up 2.0%

NYSE:IIPR traded up $1.00 on Monday, hitting $50.97. The stock had a trading volume of 53,084 shares, compared to its average volume of 309,186. The firm’s fifty day simple moving average is $50.52 and its two-hundred day simple moving average is $51.20. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.38 and a current ratio of 4.38. Innovative Industrial Properties has a 1 year low of $44.58 and a 1 year high of $59.83. The stock has a market cap of $1.43 billion, a P/E ratio of 13.00 and a beta of 1.45.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.17. Innovative Industrial Properties had a net margin of 44.46% and a return on equity of 6.43%. The company had revenue of $66.66 million during the quarter, compared to analyst estimates of $66.16 million. During the same quarter last year, the business posted $2.03 EPS. Innovative Industrial Properties’s quarterly revenue was down 13.1% compared to the same quarter last year. Analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. West Oak Capital LLC bought a new stake in Innovative Industrial Properties in the third quarter worth $27,000. International Assets Investment Management LLC bought a new stake in Innovative Industrial Properties in the fourth quarter worth $25,000. FNY Investment Advisers LLC bought a new stake in Innovative Industrial Properties in the third quarter worth $32,000. Advisory Services Network LLC bought a new stake in Innovative Industrial Properties in the third quarter worth $34,000. Finally, Los Angeles Capital Management LLC bought a new stake in Innovative Industrial Properties in the fourth quarter worth $35,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

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.