Piper Sandler Cuts Innovative Industrial Properties (NYSE:IIPR) Price Target to $55.00

Innovative Industrial Properties (NYSE:IIPR) had its target price reduced by analysts at Piper Sandler from $60.00 to $55.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Piper Sandler’s price objective suggests a potential downside of 13.76% from the company’s previous close.

Other analysts have also issued reports about the stock. Roth Mkm reduced their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Compass Point reiterated a “sell” rating and set a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday. Industrial Alliance Securities set a $60.00 price objective on Innovative Industrial Properties in a research report on Tuesday, March 18th. Finally, BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $85.00.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $63.77 on Monday. Innovative Industrial Properties has a 1 year low of $56.78 and a 1 year high of $138.35. The business’s fifty day moving average is $70.26 and its two-hundred day moving average is $95.06. The stock has a market capitalization of $1.81 billion, a P/E ratio of 11.53 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. On average, research analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.50% of the stock is owned by insiders.

Institutional Trading of Innovative Industrial Properties

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bogart Wealth LLC acquired a new position in shares of Innovative Industrial Properties during the 4th quarter valued at about $27,000. Compass Financial Services Inc acquired a new stake in Innovative Industrial Properties in the 4th quarter worth approximately $32,000. GF Fund Management CO. LTD. bought a new stake in Innovative Industrial Properties during the fourth quarter worth approximately $34,000. Smartleaf Asset Management LLC grew its stake in Innovative Industrial Properties by 182.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after buying an additional 417 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $50,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.