Piper Sandler Forecasts Strong Price Appreciation for Innovative Industrial Properties (NYSE:IIPR) Stock

Innovative Industrial Properties (NYSE:IIPR) had its price target increased by equities researchers at Piper Sandler from $44.00 to $46.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Piper Sandler‘s price target would suggest a potential downside of 18.09% from the stock’s current price.

IIPR has been the subject of a number of other reports. Weiss Ratings cut Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Stifel Nicolaus assumed coverage on Innovative Industrial Properties in a research note on Wednesday, October 14th. They issued a “buy” rating and a $56.25 target price on the stock. Finally, Huntington started coverage on Innovative Industrial Properties in a report on Friday, October 2nd. They issued an “outperform” rating and a $60.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $51.81.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded up $1.16 during mid-day trading on Wednesday, hitting $56.16. 192,422 shares of the company’s stock were exchanged, compared to its average volume of 349,430. Innovative Industrial Properties has a fifty-two week low of $44.58 and a fifty-two week high of $65.38. The firm has a market capitalization of $1.55 billion, a P/E ratio of 12.68 and a beta of 1.33. The business’s 50 day moving average is $54.35 and its two-hundred day moving average is $55.08. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, November 2nd. The company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.09. The firm had revenue of $64.92 million for the quarter, compared to analyst estimates of $61.03 million. Innovative Industrial Properties had a return on equity of 7.93% and a net margin of 53.20%. On average, equities analysts expect that Innovative Industrial Properties will post 6.83 earnings per share for the current year.

Insider Activity

In related news, Director Scott Shoemaker sold 611 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total transaction of $34,435.96. Following the completion of the transaction, the director directly owned 2,000 shares of the company’s stock, valued at $112,720. This represents a 23.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Bruce Ives acquired 528 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average price of $56.70 per share, with a total value of $29,937.60. Following the transaction, the director 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 SEC filing for this purchase provides additional information. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Nykredit A S acquired a new stake in Innovative Industrial Properties in the second quarter valued at $25,000. Fortitude Family Office LLC purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth $26,000. Heritage Family Offices LLP purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth $28,000. Caitlin John LLC acquired a new position in shares of Innovative Industrial Properties during the 2nd quarter worth $36,000. Finally, Triumph Capital Management grew its stake in shares of Innovative Industrial Properties by 112.9% during 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 period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.

Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.

Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.