Innovative Industrial Properties (NYSE:IIPR) Price Target Cut to $44.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler lowered Innovative Industrial Properties’ price target to $44 from $51 and maintained an “underweight” rating, implying 13.62% downside from the stock’s $50.94 price.
• Analyst sentiment remains mixed, with one Buy, three Hold, and one Sell rating; the consensus rating is “Hold” with an average price target of $49.67.
• The company exceeded quarterly EPS expectations, reporting $1.36 versus the $1.02 consensus estimate, although revenue of $63.31 million fell short of the $67.09 million forecast.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) had its target price reduced by Piper Sandler from $51.00 to $44.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an "underweight" rating on the stock. Piper Sandler's price objective would indicate a potential downside of 13.62% from the stock's current price.

Several other equities analysts also recently issued reports on the company. Huntington assumed coverage on Innovative Industrial Properties in a research report on Friday, October 2nd. They issued an "outperform" rating and a $60.00 price objective for the company. Weiss Ratings lowered Innovative Industrial Properties from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $49.67.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR traded down $0.89 during trading on Monday, reaching $50.94. The stock had a trading volume of 72,145 shares, compared to its average volume of 350,855. Innovative Industrial Properties has a 52 week low of $44.58 and a 52 week high of $65.38. The business's 50-day moving average price is $55.84 and its 200 day moving average price is $56.92. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 24.51. The stock has a market capitalization of $1.40 billion, a PE ratio of 11.54 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.02 by $0.34. The business had revenue of $63.31 million for 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%. As a group, equities analysts predict that Innovative Industrial Properties will post 7.05 earnings per share for the current year.

Insider Transactions at Innovative Industrial Properties

In related news, Director Bruce Ives bought 528 shares of Innovative Industrial Properties stock in a transaction on Monday, August 31st. The shares were purchased at an average price of $56.70 per share, for a total transaction of $29,937.60. Following the completion of the acquisition, the director owned 3,180 shares in the company, valued at approximately $180,306. This represents a 19.91% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Shoemaker sold 611 shares of the business's stock in a transaction dated Tuesday, September 15th. The stock was 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 of the company's stock, valued at $112,720. The trade was a 23.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Innovative Industrial Properties

Hedge funds have recently modified their holdings of the company. Nykredit A S acquired a new position in shares of Innovative Industrial Properties in the 2nd quarter valued at approximately $25,000. Caitlin John LLC bought a new stake in Innovative Industrial Properties during the 2nd quarter worth approximately $36,000. Triumph Capital Management raised its holdings in Innovative Industrial Properties by 112.9% during the 2nd quarter. Triumph Capital Management now owns 905 shares of the company's stock worth $56,000 after buying an additional 480 shares during the period. GAMMA Investing LLC raised its holdings in Innovative Industrial Properties by 26.3% during the 3rd quarter. GAMMA Investing LLC now owns 1,833 shares of the company's stock worth $97,000 after buying an additional 382 shares during the period. Finally, Virtus Advisers LLC acquired a new stake in Innovative Industrial Properties during the 2nd quarter worth approximately $137,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

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.

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