Innovative Industrial Properties (NYSE:IIPR) Price Target Cut to $60.00 by Analysts at Compass Point

Innovative Industrial Properties (NYSE:IIPR) had its price target reduced by equities researchers at Compass Point from $78.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Compass Point’s price target points to a potential downside of 8.59% from the stock’s current price.

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

Innovative Industrial Properties Trading Up 2.2 %

IIPR stock traded up $1.43 during trading on Tuesday, hitting $65.64. The company had a trading volume of 81,096 shares, compared to its average volume of 309,745. The business has a 50-day moving average of $70.50 and a 200-day moving average of $98.77. Innovative Industrial Properties has a one year low of $62.45 and a one year high of $138.35. The stock has a market cap of $1.86 billion, a PE ratio of 11.87 and a beta of 1.49. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.22. The firm had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. Research analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of large investors have recently modified their holdings of IIPR. JPMorgan Chase & Co. increased its stake in Innovative Industrial Properties by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after purchasing an additional 35,269 shares during the period. Barclays PLC boosted its holdings in Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after acquiring an additional 31,295 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after purchasing an additional 12,791 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Innovative Industrial Properties by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock valued at $30,958,000 after acquiring an additional 7,179 shares during the last quarter. Finally, TCW Group Inc. purchased a new stake in Innovative Industrial Properties during the third quarter valued at $2,572,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

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.