Innovative Industrial Properties (NYSE:IIPR) Raised to "Buy" at Compass Point

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) was upgraded by equities researchers at Compass Point from a "neutral" rating to a "buy" rating in a research note issued to investors on Friday, MarketBeat reports. The brokerage currently has a $125.00 price target on the stock. Compass Point's price target points to a potential upside of 18.36% from the company's previous close.

IIPR has been the subject of several other research reports. Piper Sandler increased their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a "neutral" rating in a research note on Friday, August 9th. Wolfe Research raised shares of Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Finally, Roth Mkm upped their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a "buy" rating in a research note on Monday, July 22nd. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of "Moderate Buy" and a consensus price target of $127.67.

Innovative Industrial Properties Stock Down 4.1 %

Innovative Industrial Properties stock traded down $4.46 during mid-day trading on Friday, hitting $105.61. 427,982 shares of the company's stock were exchanged, compared to its average volume of 198,494. Innovative Industrial Properties has a 1-year low of $73.04 and a 1-year high of $138.35. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average of $130.09 and a two-hundred day moving average of $118.28. The stock has a market cap of $2.99 billion, a P/E ratio of 19.31 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its earnings results on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.08 by ($0.64). The firm had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The business's quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.26 earnings per share. As a group, analysts anticipate that Innovative Industrial Properties will post 8.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. LSV Asset Management boosted its position in shares of Innovative Industrial Properties by 124.4% in the 1st quarter. LSV Asset Management now owns 101,373 shares of the company's stock worth $10,496,000 after purchasing an additional 56,200 shares during the last quarter. Prevail Innovative Wealth Advisors LLC acquired a new position in shares of Innovative Industrial Properties during the 1st quarter worth about $2,046,000. SG Americas Securities LLC raised its position in shares of Innovative Industrial Properties by 75.7% in the 1st quarter. SG Americas Securities LLC now owns 19,573 shares of the company's stock valued at $2,027,000 after acquiring an additional 8,436 shares during the period. Texas Permanent School Fund Corp boosted its stake in Innovative Industrial Properties by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company's stock worth $2,541,000 after acquiring an additional 328 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Innovative Industrial Properties by 0.6% during the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company's stock valued at $456,705,000 after purchasing an additional 28,111 shares during the period. 70.58% of the stock is owned by 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.