Piper Sandler Lowers Innovative Industrial Properties (NYSE:IIPR) Price Target to $60.00

Innovative Industrial Properties (NYSE:IIPR) had its price objective lowered by stock analysts at Piper Sandler from $70.00 to $60.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Piper Sandler’s target price suggests a potential downside of 6.45% from the stock’s current price.

Other research analysts have also recently issued reports about the company. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price objective for the company from $125.00 to $78.00 in a research report on Friday, December 20th. Roth Mkm decreased 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. Finally, BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. One 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $99.50.

Innovative Industrial Properties Stock Performance

IIPR traded down $5.48 during midday trading on Monday, reaching $64.14. The company had a trading volume of 345,967 shares, compared to its average volume of 236,473. The business has a 50-day moving average of $70.56 and a two-hundred day moving average of $99.19. 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 has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a market cap of $1.82 billion, a P/E ratio of 11.59 and a beta of 1.49.

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

Insiders Place Their Bets

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

Institutional Trading of Innovative Industrial Properties

A number of large investors have recently made changes to their positions in the stock. Pacer Advisors Inc. purchased a new stake in shares of Innovative Industrial Properties in the 4th quarter worth $42,006,000. Norges Bank bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at about $22,635,000. Wellington Management Group LLP lifted its position in shares of Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares during the period. Balyasny Asset Management L.P. bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $9,615,000. Finally, Voloridge Investment Management LLC increased its holdings in 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 valued at $6,497,000 after buying an additional 93,991 shares during the period. 70.58% of the stock is owned by hedge funds and other institutional investors.

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.