Innovative Industrial Properties (NYSE:IIPR) Downgraded by Weiss Ratings to "Sell (D+)"

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) was downgraded by analysts at Weiss Ratings from a "hold (c-)" rating to a "sell (d+)" rating in a research note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Wolfe Research cut Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a report on Wednesday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of "Hold" and a consensus price target of $78.67.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $54.39 on Wednesday. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 11.77 and a beta of 1.64. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $54.46 and a 200-day moving average price of $54.91. Innovative Industrial Properties has a twelve month low of $45.44 and a twelve month high of $136.80.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, topping analysts' consensus estimates of $1.68 by $0.03. The firm had revenue of $62.89 million during the quarter, compared to analyst estimates of $64.36 million. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%.The business's quarterly revenue was down 21.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.06 earnings per share. As a group, equities research analysts predict that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors have recently modified their holdings of IIPR. AlphaCore Capital LLC bought a new stake in shares of Innovative Industrial Properties in the 2nd quarter valued at approximately $11,576,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Innovative Industrial Properties by 229.6% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company's stock valued at $15,906,000 after purchasing an additional 200,652 shares during the last quarter. Edgestream Partners L.P. bought a new stake in shares of Innovative Industrial Properties in the 2nd quarter valued at approximately $8,099,000. Millennium Management LLC lifted 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 purchasing an additional 144,714 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Innovative Industrial Properties by 40.5% in the 2nd quarter. Invesco Ltd. now owns 382,133 shares of the company's stock valued at $21,101,000 after purchasing an additional 110,236 shares during the last quarter. 70.58% of the stock is owned by institutional investors.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

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