Innovative Industrial Properties (NYSE:IIPR) Upgraded at Compass Point

Innovative Industrial Properties (NYSE:IIPR) was upgraded by research analysts at Compass Point from a “sell” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday,Finviz reports. The firm presently has a $45.00 price target on the stock. Compass Point’s price objective would indicate a potential downside of 16.25% from the stock’s current price.

IIPR has been the topic of a number of other reports. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, January 28th. Piper Sandler boosted their price objective on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a report on Wednesday, February 25th. Three equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Reduce” and a consensus price target of $51.75.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $53.73 on Tuesday. The company has a 50 day moving average of $49.17 and a 200 day moving average of $51.80. The company has a current ratio of 4.38, a quick ratio of 4.38 and a debt-to-equity ratio of 0.22. The stock has a market cap of $1.51 billion, a P/E ratio of 13.71 and a beta of 1.44. Innovative Industrial Properties has a 12 month low of $44.58 and a 12 month high of $74.92.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, February 23rd. The company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.71 by $0.17. The firm had revenue of $66.66 million during the quarter, compared to the consensus estimate of $66.16 million. Innovative Industrial Properties had a net margin of 44.46% and a return on equity of 6.43%. The business’s quarterly revenue was down 13.1% compared to the same quarter last year. During the same period last year, the firm earned $2.03 EPS. As a group, sell-side analysts forecast that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors have recently made changes to their positions in IIPR. Royal Bank of Canada boosted its stake in shares of Innovative Industrial Properties by 34.4% during the first quarter. Royal Bank of Canada now owns 14,318 shares of the company’s stock valued at $773,000 after purchasing an additional 3,667 shares during the period. Amundi grew its holdings in Innovative Industrial Properties by 3.4% in the 1st quarter. Amundi now owns 15,766 shares of the company’s stock worth $826,000 after acquiring an additional 523 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of Innovative Industrial Properties in the first quarter valued at about $1,470,000. Millennium Management LLC raised its stake in shares of Innovative Industrial Properties by 1,131.0% during the first quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after acquiring an additional 144,714 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Innovative Industrial Properties by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock worth $11,433,000 after purchasing an additional 13,291 shares during the period. Hedge funds and other 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.