Innovative Industrial Properties (NYSE:IIPR) Stock Rating Lowered by BTIG Research

Innovative Industrial Properties (NYSE:IIPR) was downgraded by equities research analysts at BTIG Research from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports.

Several other equities research analysts have also commented on IIPR. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $118.00 to $70.00 in a research report on Friday. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their target price for the company from $125.00 to $78.00 in a research note on Friday. Alliance Global Partners began coverage on shares of Innovative Industrial Properties in a report on Tuesday, December 17th. They set a “buy” rating and a $130.00 price target on the stock. Finally, Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Innovative Industrial Properties has a consensus rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Stock Performance

Shares of IIPR opened at $73.66 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The stock has a 50-day moving average of $114.40 and a two-hundred day moving average of $117.98. The stock has a market cap of $2.09 billion, a P/E ratio of 13.11 and a beta of 1.30. Innovative Industrial Properties has a one year low of $70.88 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.29 EPS. As a group, research analysts predict that Innovative Industrial Properties will post 8.36 EPS for the current year.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently made changes to their positions in the company. USA Financial Formulas acquired a new position in Innovative Industrial Properties in the 3rd quarter valued at $25,000. Signaturefd LLC raised its position in shares of Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after buying an additional 150 shares during the last quarter. Canton Hathaway LLC purchased a new position in shares of Innovative Industrial Properties in the third quarter worth about $55,000. Loomis Sayles & Co. L P boosted its position in Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after acquiring an additional 407 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after acquiring an additional 312 shares in the last quarter. 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 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.