IIPR has been the subject of several other research reports. Zacks Investment Research raised shares of Innovative Industrial Properties from a hold rating to a strong-buy rating and set a $79.00 price objective for the company in a report on Thursday, October 31st. TheStreet cut Innovative Industrial Properties from a b- rating to a c rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $113.50.
IIPR stock opened at $78.09 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 295.73 and a current ratio of 295.73. The company’s fifty day moving average price is $77.40 and its 200-day moving average price is $96.07. Innovative Industrial Properties has a one year low of $42.55 and a one year high of $139.53. The company has a market capitalization of $917.60 million, a PE ratio of 58.28 and a beta of 2.00.
In other news, Chairman Alan D. Gold acquired 350 shares of Innovative Industrial Properties stock in a transaction on Monday, November 25th. The shares were acquired at an average price of $78.49 per share, with a total value of $27,471.50. Following the purchase, the chairman now directly owns 318,439 shares in the company, valued at approximately $24,994,277.11. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 5.20% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in IIPR. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Innovative Industrial Properties by 8,478.5% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 17,157 shares of the company’s stock worth $1,401,000 after buying an additional 16,957 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Innovative Industrial Properties by 23.3% in the second quarter. Nisa Investment Advisors LLC now owns 3,065 shares of the company’s stock worth $379,000 after purchasing an additional 580 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Innovative Industrial Properties by 2.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 4,000 shares of the company’s stock valued at $494,000 after buying an additional 100 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of Innovative Industrial Properties by 21.4% during the second quarter. Commonwealth Equity Services LLC now owns 7,460 shares of the company’s stock worth $921,000 after purchasing an additional 1,314 shares in the last quarter. Finally, AE Wealth Management LLC acquired a new stake in shares of Innovative Industrial Properties in the 2nd quarter worth $272,000. Institutional investors and hedge funds own 68.46% of the company’s stock.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.
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