Innovative Industrial Properties (IIPR) Upgraded to Buy by Zacks Investment Research

Innovative Industrial Properties (NYSE:IIPR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday. The brokerage presently has a $32.00 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.60% from the company’s previous close.

According to Zacks, “Innovative Industrial Properties, Inc. is a real estate investment trust. It focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for medical-use cannabis facilities. Innovative Industrial Properties, Inc. is based in San Diego, United States. “

Separately, Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Innovative Industrial Properties in a research note on Friday, October 20th.

Innovative Industrial Properties (IIPR) traded down $0.20 during midday trading on Friday, hitting $28.17. The stock had a trading volume of 462,205 shares, compared to its average volume of 388,922. The firm has a market cap of $99.33 and a price-to-earnings ratio of -9.33. Innovative Industrial Properties has a fifty-two week low of $15.45 and a fifty-two week high of $36.88.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 8th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.05. The business had revenue of $1.56 million for the quarter. Innovative Industrial Properties had a negative return on equity of 8.09% and a negative net margin of 108.39%. research analysts forecast that Innovative Industrial Properties will post 0.18 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Innovative Industrial Properties by 21.7% in the 2nd quarter. Vanguard Group Inc. now owns 153,013 shares of the company’s stock valued at $2,563,000 after purchasing an additional 27,258 shares in the last quarter. NBW Capital LLC lifted its stake in shares of Innovative Industrial Properties by 8.3% in the 2nd quarter. NBW Capital LLC now owns 45,160 shares of the company’s stock valued at $756,000 after purchasing an additional 3,479 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of Innovative Industrial Properties in the 4th quarter valued at about $261,000. 8.60% of the stock is currently owned by institutional investors and hedge funds.

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Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The Company intends to acquire its properties through sale-leaseback transactions and third-party purchases.

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