Innovative Industrial Properties (NYSE:IIPR) Cut to “Sell” at ValuEngine

ValuEngine lowered shares of Innovative Industrial Properties (NYSE:IIPR) from a hold rating to a sell rating in a research report released on Tuesday morning, ValuEngine reports.

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.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.12). The company had revenue of $11.56 million during the quarter, compared to the consensus estimate of $10.70 million. Innovative Industrial Properties had a net margin of 51.10% and a return on equity of 5.45%. The business’s revenue was up 194.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 earnings per share. On average, research analysts predict that Innovative Industrial Properties will post 2.67 EPS for the current fiscal year.

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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