Zacks Investment Research Downgrades Innovative Industrial Properties (NYSE:IIPR) to Sell

Innovative Industrial Properties (NYSE:IIPR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Saturday, January 27th.

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 set a $23.00 price objective on shares of Innovative Industrial Properties and gave the stock a “buy” rating in a research note on Wednesday, November 29th.

Shares of Innovative Industrial Properties (IIPR) opened at $25.83 on Friday. The firm has a market cap of $164.71, a P/E ratio of -8.55 and a beta of -4.52. Innovative Industrial Properties has a 52-week low of $15.45 and a 52-week high of $36.88.

Several hedge funds have recently added to or reduced their stakes in IIPR. Virtu Financial LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter worth $255,000. Acadian Asset Management LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter worth $261,000. Renaissance Technologies LLC lifted its holdings in Innovative Industrial Properties by 48.9% during the fourth quarter. Renaissance Technologies LLC now owns 19,500 shares of the company’s stock valued at $630,000 after purchasing an additional 6,400 shares in the last quarter. Two Sigma Investments LP purchased a new position in Innovative Industrial Properties during the fourth quarter valued at $792,000. Finally, Essex Investment Management Co. LLC purchased a new position in Innovative Industrial Properties during the fourth quarter valued at $836,000. 5.41% of the stock is currently owned by institutional investors and hedge funds.

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Innovative Industrial Properties Company Profile

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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