Innovative Industrial Properties (NYSE:IIPR) Rating Lowered to "Underweight" at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) was downgraded by investment analysts at Piper Sandler from a "neutral" rating to an "underweight" rating in a report released on Friday, Marketbeat Ratings reports. They presently have a $70.00 price target on the stock, down from their previous price target of $118.00. Piper Sandler's price objective points to a potential downside of 4.97% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. JMP Securities reaffirmed a "market perform" rating on shares of Innovative Industrial Properties in a report on Monday. Alliance Global Partners started coverage on Innovative Industrial Properties in a research note on Tuesday. They set a "buy" rating and a $130.00 price objective on the stock. Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Compass Point lowered Innovative Industrial Properties from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $125.00 to $78.00 in a report on Friday. Finally, Roth Capital raised Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of "Hold" and an average target price of $104.50.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded down $21.68 during trading hours on Friday, hitting $73.66. The company had a trading volume of 3,142,665 shares, compared to its average volume of 215,873. The business has a fifty day moving average of $115.55 and a 200-day moving average of $118.10. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 13.11 and a beta of 1.30. Innovative Industrial Properties has a 12 month low of $70.88 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same period in the prior year, the company earned $2.29 earnings per share. The firm's revenue was down 1.7% compared to the same quarter last year. Equities analysts anticipate that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IIPR. Focused Wealth Management Inc increased its holdings in Innovative Industrial Properties by 2.4% in the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company's stock worth $432,000 after purchasing an additional 93 shares in the last quarter. Bristlecone Advisors LLC raised its holdings in Innovative Industrial Properties by 0.8% in the 3rd quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company's stock valued at $1,696,000 after buying an additional 103 shares during the last quarter. Signaturefd LLC raised its holdings in Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company's stock valued at $55,000 after buying an additional 150 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its position in Innovative Industrial Properties by 3.2% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company's stock worth $739,000 after buying an additional 168 shares during the period. Finally, USA Financial Formulas bought a new stake in Innovative Industrial Properties during the 3rd quarter worth approximately $25,000. 70.58% of the stock is currently 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.