Compass Point Reaffirms Sell Rating for Innovative Industrial Properties (NYSE:IIPR)

Innovative Industrial Properties (NYSE:IIPR)‘s stock had its “sell” rating reiterated by equities research analysts at Compass Point in a research report issued on Monday, MarketBeat.com reports. They presently have a $50.00 price objective on the stock, down from their previous price objective of $60.00. Compass Point’s target price indicates a potential downside of 10.62% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. Roth Mkm dropped their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a 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. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Finally, Piper Sandler reduced their target price on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research note on Monday, March 17th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Hold” and a consensus target price of $85.00.

Innovative Industrial Properties Trading Up 3.4 %

Shares of IIPR opened at $55.94 on Monday. The firm has a market cap of $1.58 billion, a P/E ratio of 10.12 and a beta of 1.49. Innovative Industrial Properties has a 1 year low of $49.51 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The company has a 50 day simple moving average of $69.70 and a two-hundred day simple moving average of $94.03.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. The firm had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, equities analysts expect that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently bought and sold shares of IIPR. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $1,820,000. Montchanin Asset Management LLC increased its position in Innovative Industrial Properties by 39.8% during the fourth quarter. Montchanin Asset Management LLC now owns 10,530 shares of the company’s stock worth $702,000 after buying an additional 3,000 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Innovative Industrial Properties in the 4th quarter valued at about $34,000. Sunbelt Securities Inc. lifted its stake 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 valued at $1,000,000 after buying an additional 604 shares during the period. 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. Institutional investors and hedge funds 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.