Innovative Industrial Properties (IIPR) Earns “Buy” Rating from Ladenburg Thalmann Financial Services

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.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 8th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.05. Innovative Industrial Properties had a negative return on equity of 8.09% and a negative net margin of 108.39%. The business had revenue of $1.56 million during the quarter. equities analysts anticipate that Innovative Industrial Properties will post 0.19 earnings per share for the current fiscal year.

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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