Innovative Industrial Properties (NYSE:IIPR) Given New $60.00 Price Target at Compass Point

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 brokerage presently has a “neutral” rating on the stock. Compass Point’s price objective would suggest a potential downside of 8.59% from the stock’s previous close.

Several other research analysts also recently commented on the company. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Roth Mkm dropped their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Finally, Piper Sandler lowered their price objective on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a research note on Monday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $95.00.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock traded up $1.43 during midday trading on Tuesday, reaching $65.64. 81,096 shares of the stock traded hands, compared to its average volume of 309,745. The stock’s fifty day moving average is $70.50 and its 200-day moving average is $98.77. Innovative Industrial Properties has a 12 month low of $62.45 and a 12 month high of $138.35. The stock has a market cap of $1.86 billion, a P/E ratio of 11.87 and a beta of 1.49. 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 announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. As a group, equities research analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current year.

Insider Activity

In related news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. This represents a 84.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

A number of hedge funds have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Innovative Industrial Properties during the 4th quarter worth approximately $1,820,000. Montchanin Asset Management LLC increased its stake in Innovative Industrial Properties by 39.8% in the 4th quarter. Montchanin Asset Management LLC now owns 10,530 shares of the company’s stock valued at $702,000 after purchasing an additional 3,000 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Innovative Industrial Properties during the fourth quarter worth $34,000. Sunbelt Securities Inc. boosted its holdings in shares of Innovative Industrial Properties by 4.2% during the fourth quarter. Sunbelt Securities Inc. now owns 14,854 shares of the company’s stock worth $1,000,000 after purchasing an additional 604 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its holdings in shares of Innovative Industrial Properties by 2,683.2% during the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock worth $6,497,000 after purchasing an additional 93,991 shares during 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.