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

Innovative Industrial Properties (NYSE:IIPR) was downgraded by stock analysts at Piper Sandler from a “neutral” rating to an “underweight” rating in a research note issued to investors on Friday,Briefing.com Automated Import 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 objective would suggest a potential downside of 5.03% from the company’s previous close.

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

Innovative Industrial Properties Trading Down 22.7 %

Shares of NYSE IIPR traded down $21.63 during midday trading on Friday, hitting $73.71. The stock had a trading volume of 1,873,081 shares, compared to its average volume of 210,430. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties has a fifty-two week low of $70.88 and a fifty-two week high of $138.35. The firm has a market cap of $2.09 billion, a P/E ratio of 13.12 and a beta of 1.30. The company’s 50-day simple moving average is $115.55 and its 200 day simple moving average is $118.10.

Innovative Industrial Properties (NYSE:IIPR) last released 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 business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the previous year, the company posted $2.29 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. Research analysts anticipate that Innovative Industrial Properties will post 8.36 EPS for the current year.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in shares of Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after acquiring an additional 185,855 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Innovative Industrial Properties by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after purchasing an additional 10,711 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after buying an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares in the last quarter. Finally, LSV Asset Management grew its position in Innovative Industrial Properties by 21.0% in the second quarter. LSV Asset Management now owns 122,646 shares of the company’s stock valued at $13,395,000 after acquiring an additional 21,273 shares during the last quarter. 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.