Innovative Industrial Properties (IIPR) Downgraded by Zacks Investment Research

Innovative Industrial Properties (NYSE:IIPR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday.

According to Zacks, “Innovative Industrial Properties, Inc. is a real estate investment trust. It focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for medical-use cannabis facilities. Innovative Industrial Properties, Inc. is based in San Diego, United States. “

A number of other equities research analysts have also weighed in on IIPR. Compass Point boosted their price objective on Innovative Industrial Properties from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. LADENBURG THALM/SH SH set a $41.00 price objective on Innovative Industrial Properties and gave the stock a “buy” rating in a research report on Tuesday, August 14th.

Shares of IIPR stock opened at $42.61 on Thursday. The firm has a market cap of $327.35 million, a P/E ratio of 63.60 and a beta of -0.46. Innovative Industrial Properties has a twelve month low of $17.94 and a twelve month high of $49.74.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Friday, August 10th. The company reported $0.17 earnings per share for the quarter. The business had revenue of $3.31 million for the quarter. Innovative Industrial Properties had a return on equity of 3.13% and a net margin of 31.15%. On average, analysts forecast that Innovative Industrial Properties will post 1.19 earnings per share for the current fiscal year.

In related news, Director Gary A. Kreitzer bought 2,500 shares of the business’s stock in a transaction on Thursday, October 4th. The shares were purchased at an average cost of $40.00 per share, with a total value of $100,000.00. Following the acquisition, the director now owns 32,430 shares of the company’s stock, valued at $1,297,200. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Hg Vora Capital Management, Ll sold 475,000 shares of Innovative Industrial Properties stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $44.29, for a total value of $21,037,750.00. The disclosure for this sale can be found here. Insiders own 6.20% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in IIPR. Flagship Harbor Advisors LLC acquired a new position in Innovative Industrial Properties during the 2nd quarter worth about $105,000. NEXT Financial Group Inc acquired a new position in Innovative Industrial Properties during the 3rd quarter worth about $147,000. Element Capital Management LLC acquired a new position in Innovative Industrial Properties during the 1st quarter worth about $204,000. Van Hulzen Asset Management LLC acquired a new position in Innovative Industrial Properties during the 2nd quarter worth about $205,000. Finally, Cornerstone Wealth Management LLC acquired a new position in Innovative Industrial Properties during the 2nd quarter worth about $222,000. 50.61% of the stock is currently owned by hedge funds and other institutional investors.

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 intends to elect to be taxed as a real estate investment trust.

Further Reading: Understanding Compound Annual Growth Rate (CAGR)

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