Piper Sandler Downgrades Innovative Industrial Properties (NYSE:IIPR) to Underweight

Innovative Industrial Properties (NYSE:IIPR) was downgraded by Piper Sandler from a “neutral” rating to an “underweight” rating in a report released on Friday, Marketbeat reports. They presently have a $70.00 price target on the stock, down from their prior price target of $118.00. Piper Sandler’s price target indicates a potential downside of 4.97% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Alliance Global Partners started coverage on Innovative Industrial Properties in a research note on Tuesday, December 17th. They set a “buy” rating and a $130.00 price objective on the stock. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $125.00 to $78.00 in a research note on Friday. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Stock Down 22.7 %

Shares of NYSE IIPR opened at $73.66 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The company has a 50-day moving average price of $114.40 and a 200-day moving average price of $117.93. The stock has a market capitalization of $2.09 billion, a P/E ratio of 13.11 and a beta of 1.30. Innovative Industrial Properties has a 1 year low of $70.88 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same period in the prior year, the firm posted $2.29 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts forecast that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC raised its position in shares of Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after purchasing an additional 31,295 shares during the period. CWA Asset Management Group LLC purchased a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at $713,000. Versor Investments LP increased its holdings in shares of Innovative Industrial Properties by 98.3% in the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after purchasing an additional 6,062 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Innovative Industrial Properties by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after buying an additional 10,711 shares in the last quarter. Finally, TCW Group Inc. bought a new stake in Innovative Industrial Properties during the third quarter valued at $2,572,000. Institutional investors 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.