Piper Sandler Issues Pessimistic Forecast for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR) had its price objective lowered by Piper Sandler from $120.00 to $118.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 10.93% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Roth Mkm lifted their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Friday. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock traded down $3.70 during trading hours on Friday, reaching $106.37. The stock had a trading volume of 652,823 shares, compared to its average volume of 151,983. The firm has a market capitalization of $3.01 billion, a PE ratio of 18.93 and a beta of 1.37. The firm has a 50-day simple moving average of $129.74 and a 200-day simple moving average of $118.49. Innovative Industrial Properties has a twelve month low of $73.04 and a twelve month high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at $25,000. Blue Trust Inc. boosted its stake in Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after buying an additional 438 shares in the last quarter. Signaturefd LLC grew its holdings in Innovative Industrial Properties by 42.3% during the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares during the period. Federated Hermes Inc. raised its position in Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after acquiring an additional 312 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after acquiring an additional 189 shares during the last quarter. 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.