Innovative Industrial Properties (NYSE:IIPR) Sets New 12-Month High – Here’s What Happened

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price hit a new 52-week high on Thursday . The company traded as high as $61.40 and last traded at $61.58, with a volume of 265406 shares changing hands. The stock had previously closed at $58.16.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Zacks Research lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Piper Sandler raised their price objective on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a research report on Wednesday, February 25th. Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective for the company in a research report on Tuesday, March 3rd. Finally, Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $45.00.

Innovative Industrial Properties Trading Down 2.2%

The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.20. The firm has a market cap of $1.74 billion, a P/E ratio of 15.45 and a beta of 1.42. The company’s 50 day simple moving average is $55.28 and its 200-day simple moving average is $52.31.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, May 4th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.05). The firm had revenue of $69.00 million during the quarter, compared to the consensus estimate of $65.65 million. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.94 EPS. As a group, research analysts predict that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current fiscal year.

Institutional Trading of Innovative Industrial Properties

Several institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in Innovative Industrial Properties by 4.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 540,742 shares of the company’s stock worth $25,610,000 after purchasing an additional 23,901 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Innovative Industrial Properties by 3,423.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock worth $27,066,000 after purchasing an additional 524,284 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Innovative Industrial Properties by 26.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company’s stock worth $24,112,000 after purchasing an additional 105,569 shares during the last quarter. Invesco Ltd. lifted its stake in Innovative Industrial Properties by 12.1% in the fourth quarter. Invesco Ltd. now owns 493,507 shares of the company’s stock worth $23,372,000 after purchasing an additional 53,143 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Innovative Industrial Properties by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 366,811 shares of the company’s stock worth $18,399,000 after purchasing an additional 16,444 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.