Compass Point Upgrades Innovative Industrial Properties (NYSE:IIPR) to “Buy”

Innovative Industrial Properties (NYSE:IIPR) was upgraded by Compass Point from a “neutral” rating to a “buy” rating in a report released on Friday, MarketBeat.com reports. The firm currently has a $125.00 target price on the stock. Compass Point’s price objective indicates a potential upside of 17.51% from the stock’s previous close.

Several other equities analysts have also recently issued reports on IIPR. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Roth Mkm increased their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, Piper Sandler lifted their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.67.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $106.37 on Friday. The stock’s 50-day moving average is $129.74 and its 200-day moving average is $118.49. The stock has a market cap of $3.01 billion, a P/E ratio of 18.93 and a beta of 1.37. Innovative Industrial Properties has a 1-year low of $73.04 and a 1-year high of $138.35. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds have recently bought and sold shares of the company. Focused Wealth Management Inc lifted its stake in Innovative Industrial Properties by 2.4% in the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock valued at $432,000 after buying an additional 93 shares during the period. Bristlecone Advisors LLC lifted its position in shares of Innovative Industrial Properties by 0.8% during the 3rd quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after acquiring an additional 103 shares during the period. Cape Investment Advisory Inc. lifted its position in shares of Innovative Industrial Properties by 11.6% during the 1st quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock valued at $114,000 after acquiring an additional 114 shares during the period. Baader Bank Aktiengesellschaft boosted its stake in Innovative Industrial Properties by 2.1% during the second quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock worth $611,000 after acquiring an additional 116 shares in the last quarter. Finally, Hancock Whitney Corp grew its holdings in Innovative Industrial Properties by 2.4% in the first quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock worth $541,000 after purchasing an additional 124 shares during the period. Institutional investors own 70.58% of the company’s stock.

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.