Innovative Industrial Properties (NYSE:IIPR) Downgraded by Alliance Global Partners to Hold

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

Several other equities research analysts have also weighed in on the company. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their price target for the company from $125.00 to $78.00 in a research report on Friday, December 20th. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Stock Down 0.1 %

Shares of NYSE:IIPR opened at $70.35 on Monday. Innovative Industrial Properties has a 1 year low of $68.73 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The stock’s 50-day moving average is $111.90 and its 200 day moving average is $117.46. The company has a market cap of $1.99 billion, a PE ratio of 12.52 and a beta of 1.31.

Innovative Industrial Properties (NYSE:IIPR) last announced 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 business had revenue of $76.53 million for 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 was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.29 EPS. Sell-side analysts anticipate that Innovative Industrial Properties will post 8.36 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties in the third quarter worth about $25,000. Canton Hathaway LLC purchased a new stake in Innovative Industrial Properties during the 3rd quarter valued at approximately $55,000. Loomis Sayles & Co. L P raised its position in shares of 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 valued at $57,000 after buying an additional 407 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares in the last quarter. Finally, Signaturefd LLC boosted its position in shares of Innovative Industrial Properties by 42.3% during the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 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.