Innovative Industrial Properties (NYSE:IIPR) Price Target Raised to $46.00

Key Points

• Piper Sandler raised its price target on Innovative Industrial Properties from $44 to $46 but maintained an “underweight” rating, implying 18.09% downside from the share price at the time.
• Analyst sentiment was mixed: the stock had a consensus “hold” rating and an average price target of $51.81, with ratings ranging from buy to sell.
• The company beat quarterly estimates, reporting earnings of $0.99 per share versus $0.90 expected and revenue of $64.92 million versus $61.03 million expected.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) had its target price hoisted by research analysts at Piper Sandler from $44.00 to $46.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an "underweight" rating on the stock. Piper Sandler's price objective would suggest a potential downside of 18.09% from the company's current price.

Several other equities research analysts also recently weighed in on IIPR. Weiss Ratings downgraded Innovative Industrial Properties from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, October 8th. Stifel Nicolaus initiated coverage on Innovative Industrial Properties in a research note on Wednesday, October 14th. They issued a "buy" rating and a $56.25 price objective for the company. Finally, Huntington assumed coverage on Innovative Industrial Properties in a research report on Friday, October 2nd. They set an "outperform" rating and a $60.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $51.81.

Innovative Industrial Properties Stock Up 2.1%

Shares of Innovative Industrial Properties stock traded up $1.16 during trading hours on Wednesday, reaching $56.16. 192,422 shares of the company were exchanged, compared to its average volume of 349,430. Innovative Industrial Properties has a 1 year low of $44.58 and a 1 year high of $65.38. The stock's fifty day moving average is $54.35 and its 200 day moving average is $55.08. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51. The firm has a market cap of $1.55 billion, a PE ratio of 12.68 and a beta of 1.33.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.09. The business had revenue of $64.92 million for the quarter, compared to analysts' expectations of $61.03 million. Innovative Industrial Properties had a return on equity of 7.93% and a net margin of 53.20%. As a group, equities research analysts forecast that Innovative Industrial Properties will post 6.83 earnings per share for the current year.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director Bruce Ives bought 528 shares of the company's stock in a transaction that occurred on Monday, August 31st. The shares were purchased at an average price of $56.70 per share, with a total value of $29,937.60. Following the completion of the acquisition, the director directly owned 3,180 shares of the company's stock, valued at $180,306. This represents a 19.91% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Shoemaker sold 611 shares of the firm's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total value of $34,435.96. Following the completion of the sale, the director owned 2,000 shares in the company, valued at approximately $112,720. This represents a 23.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Nykredit A S purchased a new stake in Innovative Industrial Properties in the second quarter valued at approximately $25,000. Fortitude Family Office LLC purchased a new position in shares of Innovative Industrial Properties during the third quarter worth approximately $26,000. Heritage Family Offices LLP purchased a new position in shares of Innovative Industrial Properties during the third quarter worth approximately $28,000. Caitlin John LLC purchased a new position in shares of Innovative Industrial Properties during the second quarter worth approximately $36,000. Finally, Triumph Capital Management grew its position in shares of Innovative Industrial Properties by 112.9% during the second quarter. Triumph Capital Management now owns 905 shares of the company's stock worth $56,000 after acquiring an additional 480 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc NYSE: IIPR is a real estate investment trust focused on the regulated cannabis industry in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.

Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.

Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.

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