Innovative Industrial Properties (NYSE:IIPR) Lowered to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded Innovative Industrial Properties from a "strong-buy" to a "hold," and the stock's consensus among analysts sits at "Reduce" with a $45.00 consensus target price.
• For the quarter reported May 4, IIPR missed EPS expectations at $1.02 versus $1.07 but beat revenue estimates with $69.0M (revenue down 3.1% year‑over‑year); the shares trade around $57.87 with a $1.65B market cap and a 14.8 P/E.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.

A number of other analysts have also recently weighed in on IIPR. Weiss Ratings upgraded Innovative Industrial Properties from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, April 10th. Compass Point upgraded Innovative Industrial Properties from a "sell" rating to a "neutral" rating and set a $45.00 price target on the stock in a research note on Tuesday, March 3rd. Finally, Piper Sandler raised their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an "underweight" rating in a research note on Wednesday, February 25th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties has a consensus rating of "Reduce" and a consensus target price of $45.00.

Innovative Industrial Properties Stock Down 4.1%

Innovative Industrial Properties stock opened at $57.87 on Tuesday. Innovative Industrial Properties has a 1-year low of $44.58 and a 1-year high of $61.40. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 4.38. The stock has a market cap of $1.65 billion, a PE ratio of 14.80 and a beta of 1.43. The stock's fifty day moving average is $52.88 and its two-hundred day moving average is $51.06.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly 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). Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The business had revenue of $69.00 million during the quarter, compared to analyst estimates of $65.65 million. During the same quarter in the prior year, the business earned $1.94 earnings per share. The firm's quarterly revenue was down 3.1% on a year-over-year basis. On average, sell-side analysts expect that Innovative Industrial Properties will post 7.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Innovative Industrial Properties by 4.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 540,742 shares of the company's stock worth $25,610,000 after purchasing an additional 23,901 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Innovative Industrial Properties by 26.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company's stock worth $24,112,000 after purchasing an additional 105,569 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Innovative Industrial Properties by 12.1% during the fourth quarter. Invesco Ltd. now owns 493,507 shares of the company's stock worth $23,372,000 after purchasing an additional 53,143 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Innovative Industrial Properties by 4.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 350,367 shares of the company's stock worth $16,593,000 after purchasing an additional 16,426 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Innovative Industrial Properties by 5.7% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 304,527 shares of the company's stock worth $16,317,000 after purchasing an additional 16,471 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.

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.

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