Piper Sandler Issues Pessimistic Forecast for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR) had its price target decreased by equities research analysts at Piper Sandler from $70.00 to $60.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Piper Sandler’s price target would suggest a potential downside of 6.45% from the company’s current price.

IIPR has been the subject of several other research reports. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. 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 downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the stock from $125.00 to $78.00 in a report on Friday, December 20th. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Roth Mkm dropped their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $99.50.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR traded down $5.48 on Monday, reaching $64.14. 345,967 shares of the company’s stock were exchanged, compared to its average volume of 236,473. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties has a twelve month low of $62.45 and a twelve month high of $138.35. The company has a fifty day moving average of $70.56 and a 200-day moving average of $99.19. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 11.59 and a beta of 1.49.

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

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was 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 owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at about $1,820,000. Montchanin Asset Management LLC lifted its position in Innovative Industrial Properties by 39.8% in the fourth quarter. Montchanin Asset Management LLC now owns 10,530 shares of the company’s stock valued at $702,000 after purchasing an additional 3,000 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth $34,000. Sunbelt Securities Inc. boosted its position in Innovative Industrial Properties by 4.2% during the 4th quarter. Sunbelt Securities Inc. now owns 14,854 shares of the company’s stock valued at $1,000,000 after buying an additional 604 shares during the period. Finally, Voloridge Investment Management LLC increased its position in shares of Innovative Industrial Properties by 2,683.2% in the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock valued at $6,497,000 after acquiring an additional 93,991 shares during the period. 70.58% of the stock is currently owned by institutional investors.

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.