Compass Point Downgrades Innovative Industrial Properties (NYSE:IIPR) to Neutral

Innovative Industrial Properties (NYSE:IIPR) was downgraded by Compass Point from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. They currently have a $78.00 price target on the stock, down from their previous price target of $125.00. Compass Point’s price objective suggests a potential upside of 5.89% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the stock. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Alliance Global Partners started coverage on shares of Innovative Industrial Properties in a report on Tuesday, December 17th. They set a “buy” rating and a $130.00 price target for the company. Piper Sandler dropped their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Trading Down 22.7 %

Shares of IIPR stock opened at $73.66 on Friday. Innovative Industrial Properties has a fifty-two week low of $70.88 and a fifty-two week high of $138.35. The stock’s fifty day moving average price is $114.40 and its two-hundred day moving average price is $117.93. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The company has a market cap of $2.09 billion, a PE ratio of 13.11 and a beta of 1.30.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data 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). The business had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $2.29 earnings per share. Equities analysts predict that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors have recently made changes to their positions in the stock. USA Financial Formulas acquired a new position in shares of Innovative Industrial Properties in the third quarter worth approximately $25,000. Blue Trust Inc. lifted its position in shares of Innovative Industrial Properties by 2,085.7% in the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after purchasing an additional 438 shares during the period. Signaturefd LLC boosted its stake in shares of 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 purchasing an additional 150 shares during the last quarter. Canton Hathaway LLC acquired a new stake in shares of Innovative Industrial Properties during the third quarter worth $55,000. Finally, Loomis Sayles & Co. L P raised its stake in Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after buying an additional 407 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

About Innovative Industrial Properties

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.