Innovative Industrial Properties (NYSE:IIPR) Raised to Strong-Buy at Roth Capital

Innovative Industrial Properties (NYSE:IIPR) was upgraded by Roth Capital to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other brokerages have also weighed in on IIPR. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a report on Friday, November 8th. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Finally, Roth Mkm upped their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.67.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $103.96 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 18.06. The business has a 50 day simple moving average of $129.04 and a 200-day simple moving average of $118.74. Innovative Industrial Properties has a 12 month low of $73.04 and a 12 month high of $138.35. The stock has a market capitalization of $2.95 billion, a PE ratio of 18.50 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter in the previous year, the company posted $2.29 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities analysts predict that Innovative Industrial Properties will post 8.47 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Centaurus Financial Inc. grew its holdings in Innovative Industrial Properties by 36.8% in the 3rd quarter. Centaurus Financial Inc. now owns 12,002 shares of the company’s stock valued at $1,615,000 after buying an additional 3,230 shares during the period. Penserra Capital Management LLC grew its holdings in Innovative Industrial Properties by 1.0% in the third quarter. Penserra Capital Management LLC now owns 26,672 shares of the company’s stock valued at $3,589,000 after purchasing an additional 272 shares during the period. Citigroup Inc. raised its stake in Innovative Industrial Properties by 37.0% during the third quarter. Citigroup Inc. now owns 42,417 shares of the company’s stock worth $5,709,000 after purchasing an additional 11,457 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after purchasing an additional 10,711 shares during the period. Finally, L & S Advisors Inc acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $2,956,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

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.