Innovative Industrial Properties (NYSE:IIPR) Rating Increased to Buy at Compass Point

Innovative Industrial Properties (NYSE:IIPR) was upgraded by stock analysts at Compass Point from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. The brokerage currently has a $125.00 price objective on the stock. Compass Point’s target price suggests a potential upside of 13.56% from the stock’s previous close.

Several other research firms also recently commented on IIPR. Piper Sandler boosted their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Roth Mkm boosted their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of “Moderate Buy” and an average price target of $128.33.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $110.07 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06. Innovative Industrial Properties has a fifty-two week low of $73.04 and a fifty-two week high of $138.35. The firm has a market cap of $3.12 billion, a P/E ratio of 19.31 and a beta of 1.37. The business’s 50 day moving average price is $130.09 and its 200-day moving average price is $118.28.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The firm had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. During the same quarter in the prior year, the firm earned $2.26 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, equities research analysts anticipate that Innovative Industrial Properties will post 8.47 earnings per share for the current year.

Institutional Trading of Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC boosted its stake in shares of Innovative Industrial Properties by 1,465.1% in the first quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock worth $24,532,000 after acquiring an additional 221,791 shares during the period. LSV Asset Management boosted its stake in Innovative Industrial Properties by 124.4% during the first quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after buying an additional 56,200 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares during the last quarter. Jupiter Asset Management Ltd. boosted its stake in Innovative Industrial Properties by 279.1% during the second quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock valued at $5,171,000 after buying an additional 34,854 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Innovative Industrial Properties by 253.7% during the first quarter. Russell Investments Group Ltd. now owns 44,038 shares of the company’s stock valued at $4,560,000 after buying an additional 31,587 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.