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

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) had its target price cut by investment analysts at Piper Sandler from $55.00 to $45.00 in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage currently has an "underweight" rating on the stock. Piper Sandler's price target suggests a potential downside of 12.62% from the stock's current price.

Other research analysts have also recently issued reports about the company. Roth Mkm decreased their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. BTIG Research lowered shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. Finally, Compass Point reissued a "sell" rating and issued a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of "Hold" and a consensus target price of $83.00.

Innovative Industrial Properties Trading Up 1.1 %

NYSE:IIPR traded up $0.54 during trading hours on Tuesday, hitting $51.50. The company had a trading volume of 194,685 shares, compared to its average volume of 271,093. Innovative Industrial Properties has a 1 year low of $45.44 and a 1 year high of $138.35. The company has a market cap of $1.46 billion, a P/E ratio of 9.31 and a beta of 1.59. The company has a 50-day moving average of $63.72 and a 200 day moving average of $85.90. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The firm had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. Sell-side analysts expect that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors have recently modified their holdings of the company. Summit Investment Advisors Inc. raised its stake in Innovative Industrial Properties by 5.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company's stock valued at $196,000 after buying an additional 160 shares in the last quarter. Nissay Asset Management Corp Japan ADV lifted its stake in Innovative Industrial Properties by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company's stock worth $288,000 after purchasing an additional 164 shares during the last quarter. Roberts Glore & Co. Inc. IL boosted its holdings in Innovative Industrial Properties by 4.6% in the fourth quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company's stock valued at $261,000 after purchasing an additional 172 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in Innovative Industrial Properties by 2.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company's stock valued at $636,000 after purchasing an additional 192 shares during the last quarter. Finally, Pinebridge Investments L.P. raised its holdings in Innovative Industrial Properties by 4.3% during the fourth quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company's stock worth $312,000 after purchasing an additional 193 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Company Profile

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.