Innovative Industrial Properties (NYSE:IIPR)‘s stock had its “buy” rating reissued by research analysts at Ladenburg Thalmann Financial Services in a note issued to investors on Wednesday, Marketbeat reports. They currently have a $34.00 target price on the stock, up from their previous target price of $23.00. Ladenburg Thalmann Financial Services’ price target suggests a potential upside of 16.40% from the stock’s previous close.
Separately, Zacks Investment Research upgraded Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research note on Saturday, January 20th.
Shares of Innovative Industrial Properties (NYSE:IIPR) traded down $0.91 during midday trading on Wednesday, reaching $29.21. The company’s stock had a trading volume of 258,399 shares, compared to its average volume of 424,768. The firm has a market capitalization of $105.46 and a P/E ratio of -9.67. Innovative Industrial Properties has a fifty-two week low of $15.45 and a fifty-two week high of $36.88.
Several large investors have recently made changes to their positions in IIPR. Vanguard Group Inc. boosted its position 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 during the period. NBW Capital LLC grew its holdings in Innovative Industrial Properties by 8.3% during the 2nd quarter. NBW Capital LLC now owns 45,160 shares of the company’s stock valued at $756,000 after buying an additional 3,479 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in Innovative Industrial Properties during the 4th quarter valued at $261,000. Hedge funds and other institutional investors own 8.60% of the company’s stock.
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About Innovative Industrial Properties
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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