Innovative Industrial Properties (NYSE:IIPR) Now Covered by Analysts at Huntington

Stock analysts at Huntington started coverage on shares of Innovative Industrial Properties (NYSE:IIPR) in a research note issued on Friday, Briefing.com reports. The brokerage set an “outperform” rating and a $60.00 price target on the stock. Huntington’s price target points to a potential upside of 17.60% from the company’s previous close.

Several other analysts have also weighed in on the company. Weiss Ratings raised Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Piper Sandler lifted their target price on Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $52.00.

Innovative Industrial Properties Trading Down 3.1%

NYSE:IIPR opened at $51.02 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 24.51. Innovative Industrial Properties has a 12 month low of $44.58 and a 12 month high of $65.38. The firm has a market capitalization of $1.41 billion, a PE ratio of 11.57 and a beta of 1.37. The business’s 50-day moving average is $57.00 and its two-hundred day moving average is $56.99.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.34. The company had revenue of $63.31 million for the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. Research analysts predict that Innovative Industrial Properties will post 7.05 earnings per share for the current fiscal year.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director Scott Shoemaker sold 611 shares of Innovative Industrial Properties stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total value of $34,435.96. Following the transaction, the director owned 2,000 shares in the company, valued at approximately $112,720. The trade was a 23.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Bruce Ives bought 528 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were bought at an average cost of $56.70 per share, for a total transaction of $29,937.60. Following the completion of the transaction, the director directly owned 3,180 shares of the company’s stock, valued at $180,306. This trade represents a 19.91% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently modified their holdings of the stock. Nykredit A S purchased a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth about $25,000. Caitlin John LLC bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth about $36,000. Triumph Capital Management lifted its holdings in Innovative Industrial Properties by 112.9% in the 2nd quarter. Triumph Capital Management now owns 905 shares of the company’s stock worth $56,000 after purchasing an additional 480 shares during the last quarter. Hantz Financial Services Inc. grew its holdings in Innovative Industrial Properties by 51.0% during the fourth quarter. Hantz Financial Services Inc. now owns 1,336 shares of the company’s stock valued at $63,000 after purchasing an additional 451 shares during the last quarter. Finally, Virtus Advisers LLC bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth $137,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.

Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.

Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.