Innovative Industrial Properties (NYSE:IIPR) Upgraded by Roth Capital to Strong-Buy Rating

Innovative Industrial Properties (NYSE:IIPR) was upgraded by equities research analysts at Roth Capital to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other research analysts have also recently weighed in on the stock. Roth Mkm boosted their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Friday. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Piper Sandler decreased their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $127.67.

Innovative Industrial Properties Stock Up 1.3 %

IIPR opened at $107.79 on Monday. The firm has a 50-day simple moving average of $129.41 and a two-hundred day simple moving average of $118.70. Innovative Industrial Properties has a 52 week low of $73.04 and a 52 week high of $138.35. The company has a market capitalization of $3.05 billion, a PE ratio of 19.18 and a beta of 1.37. The company has a quick ratio of 18.06, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Innovative Industrial Properties’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.29 earnings per share. Analysts forecast that Innovative Industrial Properties will post 8.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds have recently modified their holdings of IIPR. USA Financial Formulas bought a new position in Innovative Industrial Properties in the third quarter worth approximately $25,000. US Bancorp DE lifted its stake in shares of Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares during the last quarter. Blue Trust Inc. boosted its position in Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after purchasing an additional 438 shares in the last quarter. Signaturefd LLC raised its holdings in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after purchasing an additional 150 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after buying an additional 312 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

About Innovative Industrial Properties

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.