Piper Sandler Has Lowered Expectations for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR) had its target price dropped by research analysts at Piper Sandler from $55.00 to $45.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Piper Sandler’s target price would suggest a potential downside of 11.45% from the company’s current price.

Other research analysts also recently issued reports about the stock. Roth Mkm reduced their price target on shares of 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. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $83.00.

Innovative Industrial Properties Stock Down 0.0 %

Shares of Innovative Industrial Properties stock traded down $0.01 during trading on Tuesday, reaching $50.82. The company had a trading volume of 128,393 shares, compared to its average volume of 268,780. 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 has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The firm’s fifty day moving average is $65.54 and its 200-day moving average is $87.86. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 9.19 and a beta of 1.59.

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

Insider Activity at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. This trade represents a 84.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

A number of hedge funds have recently bought and sold shares of IIPR. Summit Investment Advisors Inc. raised its stake in Innovative Industrial Properties by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company’s stock valued at $196,000 after purchasing an additional 160 shares during the period. Nissay Asset Management Corp Japan ADV raised its position in Innovative Industrial Properties by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company’s stock valued at $288,000 after buying an additional 164 shares during the period. Roberts Glore & Co. Inc. IL lifted its stake in Innovative Industrial Properties by 4.6% in the 4th quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company’s stock worth $261,000 after acquiring an additional 172 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in Innovative Industrial Properties by 2.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company’s stock worth $636,000 after acquiring an additional 192 shares during the period. Finally, Pinebridge Investments L.P. grew its stake in Innovative Industrial Properties by 4.3% during the 4th quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company’s stock valued at $312,000 after acquiring an additional 193 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other 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.