Piper Sandler Forecasts Strong Price Appreciation for Innovative Industrial Properties (NYSE:IIPR) Stock

Innovative Industrial Properties (NYSE:IIPR) had its target price raised by stock analysts at Piper Sandler from $44.00 to $45.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Piper Sandler’s target price suggests a potential downside of 17.73% from the stock’s previous close.

Separately, Weiss Ratings lowered Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, January 28th. Two equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Strong Sell” and a consensus target price of $53.00.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $54.70 on Wednesday. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 13.95 and a beta of 1.47. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.38 and a quick ratio of 2.75. Innovative Industrial Properties has a 12 month low of $44.58 and a 12 month high of $74.92. The stock’s 50 day moving average price is $49.13 and its 200 day moving average price is $51.79.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.17. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The company had revenue of $66.66 million for the quarter, compared to analysts’ expectations of $66.16 million. During the same period last year, the firm earned $2.03 EPS. The firm’s revenue for the quarter was down 13.1% on a year-over-year basis. Equities research analysts anticipate that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors have recently bought and sold shares of the stock. West Oak Capital LLC purchased a new stake in Innovative Industrial Properties during the third quarter valued at about $27,000. International Assets Investment Management LLC purchased a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at approximately $25,000. FNY Investment Advisers LLC acquired a new position in Innovative Industrial Properties in the 3rd quarter worth approximately $32,000. Advisory Services Network LLC acquired a new position in Innovative Industrial Properties in the 3rd quarter worth approximately $34,000. Finally, Los Angeles Capital Management LLC purchased a new position in Innovative Industrial Properties during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.