Zacks Investment Research Upgrades Innovative Industrial Properties (NYSE:IIPR) to Buy

Innovative Industrial Properties (NYSE:IIPR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, January 9th. The firm currently has a $33.00 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 24.29% from the company’s current price.

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. “

Separately, Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Innovative Industrial Properties in a report on Friday, October 20th.

Innovative Industrial Properties (NYSE:IIPR) traded down $0.23 on Tuesday, hitting $26.55. 190,916 shares of the stock were exchanged, compared to its average volume of 356,538. The firm has a market cap of $180.06 and a P/E ratio of -42.14. Innovative Industrial Properties has a one year low of $15.45 and a one year high of $36.88.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, November 8th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. The business had revenue of $1.56 million during the quarter. Innovative Industrial Properties had a negative net margin of 108.39% and a negative return on equity of 8.09%. analysts expect that Innovative Industrial Properties will post 0.19 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of IIPR. Vanguard Group Inc. raised its holdings in Innovative Industrial Properties by 21.7% during the 2nd quarter. Vanguard Group Inc. now owns 153,013 shares of the company’s stock worth $2,563,000 after purchasing an additional 27,258 shares during the last quarter. Acadian Asset Management LLC bought a new position in Innovative Industrial Properties during the 4th quarter worth approximately $261,000. Finally, NBW Capital LLC raised its holdings in Innovative Industrial Properties by 8.3% during the 2nd quarter. NBW Capital LLC now owns 45,160 shares of the company’s stock worth $756,000 after purchasing an additional 3,479 shares during the last quarter. Institutional investors and hedge funds own 8.83% of the company’s stock.

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About Innovative Industrial Properties

Innovative Industrial Properties, Inc is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The Company intends to acquire its properties through sale-leaseback transactions and third-party purchases.

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