Innovative Industrial Properties (NYSE:IIPR) Price Target Cut to $55.00 by Analysts at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR) had its price target reduced by research analysts at Piper Sandler from $60.00 to $55.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Piper Sandler’s price target indicates a potential downside of 13.76% from the stock’s current price.

A number of other equities analysts also recently weighed in on IIPR. Roth Mkm dropped their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Industrial Alliance Securities set a $60.00 price objective on Innovative Industrial Properties in a research report on Tuesday, March 18th. Compass Point restated a “sell” rating and set a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $85.00.

Innovative Industrial Properties Stock Down 2.0 %

Shares of IIPR opened at $63.77 on Monday. Innovative Industrial Properties has a 12 month low of $56.78 and a 12 month high of $138.35. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $70.26 and a two-hundred day moving average price of $95.06. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 11.53 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last announced its 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 business had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. Equities analysts predict that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Innovative Industrial Properties

Several large investors have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Innovative Industrial Properties during the 4th quarter valued at about $1,820,000. Montchanin Asset Management LLC lifted its stake in Innovative Industrial Properties by 39.8% in the fourth quarter. Montchanin Asset Management LLC now owns 10,530 shares of the company’s stock valued at $702,000 after buying an additional 3,000 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $34,000. Sunbelt Securities Inc. increased its position 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 acquiring an additional 604 shares in the last quarter. Finally, Voloridge Investment Management LLC raised 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 acquiring an additional 93,991 shares during the period. 70.58% of the stock is currently owned by 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.