Innovative Industrial Properties (NYSE:IIPR) Cut to “Hold” at Alliance Global Partners

Innovative Industrial Properties (NYSE:IIPR) was downgraded by Alliance Global Partners from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other research firms have also recently issued reports on IIPR. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $118.00 to $70.00 in a research report on Friday. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the stock from $125.00 to $78.00 in a research note on Friday. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Trading Down 4.4 %

Shares of IIPR stock opened at $70.45 on Monday. The firm has a market capitalization of $2.00 billion, a P/E ratio of 12.54 and a beta of 1.31. Innovative Industrial Properties has a 1 year low of $68.80 and a 1 year high of $138.35. The firm’s fifty day simple moving average is $113.17 and its 200 day simple moving average is $117.72. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the previous year, the business posted $2.29 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts predict that Innovative Industrial Properties will post 8.36 EPS for the current year.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. USA Financial Formulas acquired a new position in Innovative Industrial Properties in the third quarter worth $25,000. Signaturefd LLC raised its holdings 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 acquired a new position in Innovative Industrial Properties during the 3rd quarter worth about $55,000. Loomis Sayles & Co. L P grew its holdings in Innovative Industrial Properties by 3,130.8% during the 3rd 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. increased its position in Innovative Industrial Properties by 138.1% in 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. 70.58% of the stock is owned by institutional investors and hedge funds.

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.