Innovative Industrial Properties (NYSE:IIPR - Get Free Report) was downgraded by equities researchers at Alliance Global Partners from a "strong-buy" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.
Other equities research analysts have also issued reports about the company. Roth Capital raised Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Compass Point downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $125.00 to $78.00 in a report on Friday. Wolfe Research raised shares of Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. JMP Securities reissued a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, Piper Sandler cut shares of Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and lowered their price target for the stock from $118.00 to $70.00 in a report on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $104.50.
Check Out Our Latest Analysis on IIPR
Innovative Industrial Properties Stock Down 0.1 %
Innovative Industrial Properties stock traded down $0.10 during trading on Monday, hitting $70.35. 315,592 shares of the company were exchanged, compared to its average volume of 220,448. The business's 50 day moving average is $111.90 and its 200 day moving average is $117.46. The company has a market capitalization of $1.99 billion, a P/E ratio of 12.52 and a beta of 1.31. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a 52 week low of $68.73 and a 52 week high of $138.35.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). The business had revenue of $76.53 million during the quarter, compared to analysts' expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. Innovative Industrial Properties's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.29 EPS. Analysts predict that Innovative Industrial Properties will post 8.36 earnings per share for the current year.
Hedge Funds Weigh In On Innovative Industrial Properties
Hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in Innovative Industrial Properties by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company's stock worth $36,774,000 after purchasing an additional 10,615 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Innovative Industrial Properties during the second quarter valued at approximately $253,000. TrueMark Investments LLC bought a new stake in Innovative Industrial Properties during the 2nd quarter worth approximately $280,000. Signaturefd LLC lifted its stake in Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company's stock worth $55,000 after purchasing an additional 150 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Innovative Industrial Properties by 30.0% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,552 shares of the company's stock valued at $934,000 after purchasing an additional 1,976 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.
About Innovative Industrial Properties
(
Get Free Report)
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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