Compass Point Issues Pessimistic Forecast for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR) had its target price lowered by equities research analysts at Compass Point from $78.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Compass Point’s price objective suggests a potential downside of 6.10% from the company’s previous close.

Several other equities research analysts also recently issued reports on the stock. Roth Mkm dropped their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Piper Sandler dropped their price target on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a research note on Monday. Finally, BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $88.00.

Innovative Industrial Properties Stock Down 2.2 %

Shares of IIPR opened at $63.90 on Tuesday. The firm has a market cap of $1.81 billion, a PE ratio of 11.55 and a beta of 1.49. The company’s fifty day moving average is $70.45 and its two-hundred day moving average is $98.12. Innovative Industrial Properties has a fifty-two week low of $62.45 and a fifty-two week high of $138.35. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. The business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. Analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is currently owned by insiders.

Institutional Trading of Innovative Industrial Properties

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its position in shares of Innovative Industrial Properties by 17.5% in the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after acquiring an additional 35,269 shares in the last quarter. Barclays PLC increased its position in shares of Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after acquiring an additional 31,295 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after acquiring an additional 12,791 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Innovative Industrial Properties by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock worth $30,958,000 after acquiring an additional 7,179 shares in the last quarter. Finally, TCW Group Inc. purchased a new position in shares of Innovative Industrial Properties in the third quarter worth approximately $2,572,000. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Company Profile

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.