Innovative Industrial Properties (NYSE:IIPR) Downgraded to “Neutral” Rating by Compass Point

Innovative Industrial Properties (NYSE:IIPR) was downgraded by research analysts at Compass Point from a “buy” rating to a “neutral” rating in a note issued to investors on Friday, MarketBeat.com reports. They presently 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 downside of 18.19% from the company’s previous close.

IIPR has been the topic of a number of other reports. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday. Piper Sandler lowered their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Finally, Alliance Global Partners began coverage on Innovative Industrial Properties in a research report on Tuesday. They set a “buy” rating and a $130.00 target price on the stock. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $116.50.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $95.34 on Friday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $115.55 and a 200-day simple moving average of $118.10. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 16.96 and a beta of 1.30. Innovative Industrial Properties has a 12-month low of $87.52 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $77.30 million. During the same period last year, the business posted $2.29 earnings per share. The company’s quarterly revenue was down 1.7% on a year-over-year basis. On average, equities analysts forecast that Innovative Industrial Properties will post 8.36 EPS for the current year.

Hedge Funds Weigh In On Innovative Industrial Properties

Several institutional investors have recently made changes to their positions in IIPR. Focused Wealth Management Inc increased its stake in shares of Innovative Industrial Properties by 2.4% in the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock valued at $432,000 after purchasing an additional 93 shares during the period. Bristlecone Advisors LLC increased its holdings in shares of Innovative Industrial Properties by 0.8% during the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after purchasing an additional 103 shares during the period. Signaturefd LLC raised its stake in shares of Innovative Industrial Properties by 42.3% during the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its holdings in Innovative Industrial Properties by 3.2% in the third quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company’s stock worth $739,000 after purchasing an additional 168 shares during the period. Finally, USA Financial Formulas bought a new position in Innovative Industrial Properties in the 3rd quarter valued at about $25,000. 70.58% of the stock is 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.