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

Innovative Industrial Properties (NYSE:IIPR) had its price objective boosted by investment analysts at Piper Sandler from $45.00 to $51.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Piper Sandler’s price objective would indicate a potential downside of 19.31% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Zacks Research downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Reduce” and a consensus target price of $48.00.

Innovative Industrial Properties Price Performance

IIPR stock traded down $1.15 during mid-day trading on Tuesday, reaching $63.20. The company’s stock had a trading volume of 380,883 shares, compared to its average volume of 344,653. The stock has a market cap of $1.82 billion, a PE ratio of 16.15 and a beta of 1.39. The company has a current ratio of 6.06, a quick ratio of 6.06 and a debt-to-equity ratio of 0.20. Innovative Industrial Properties has a fifty-two week low of $44.58 and a fifty-two week high of $65.38. The company’s 50 day moving average is $59.87 and its two-hundred day moving average is $54.22.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). The business had revenue of $69.00 million during the quarter, compared to analysts’ expectations of $65.65 million. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the business earned $1.94 earnings per share. Equities research analysts expect that Innovative Industrial Properties will post 7.1 EPS for the current year.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its holdings in Innovative Industrial Properties by 34.4% in the 1st quarter. Royal Bank of Canada now owns 14,318 shares of the company’s stock valued at $773,000 after buying an additional 3,667 shares during the period. Amundi increased its position in shares of Innovative Industrial Properties by 3.4% during the first quarter. Amundi now owns 15,766 shares of the company’s stock valued at $826,000 after acquiring an additional 523 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of Innovative Industrial Properties in the 1st quarter valued at approximately $1,470,000. Millennium Management LLC raised its stake in shares of Innovative Industrial Properties by 1,131.0% in the 1st quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after acquiring an additional 144,714 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Innovative Industrial Properties by 6.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock worth $11,433,000 after acquiring an additional 13,291 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

About Innovative Industrial Properties

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.