Innovative Industrial Properties Inc (NYSE:IIPR)’s stock price traded up 5.8% during trading on Wednesday . The stock traded as high as $91.20 and last traded at $90.87, 408,114 shares were traded during trading. A decline of 12% from the average session volume of 462,097 shares. The stock had previously closed at $85.90.
A number of equities research analysts recently weighed in on the stock. BTIG Research boosted their price target on shares of Innovative Industrial Properties to $148.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. ValuEngine lowered Innovative Industrial Properties from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. TheStreet cut Innovative Industrial Properties from a “b-” rating to a “c” rating in a research report on Wednesday, August 7th. Finally, Zacks Investment Research raised Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $119.00 target price for the company in a report on Friday, August 9th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $105.67.
The company has a market cap of $964.91 million, a PE ratio of 67.81 and a beta of 2.12. The stock has a 50 day simple moving average of $100.14 and a two-hundred day simple moving average of $95.68. The company has a debt-to-equity ratio of 0.53, a current ratio of 51.96 and a quick ratio of 51.96.
In other Innovative Industrial Properties news, Chairman Alan D. Gold purchased 300 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average price of $84.23 per share, for a total transaction of $25,269.00. Following the purchase, the chairman now directly owns 318,089 shares in the company, valued at $26,792,636.47. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.20% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the business. ETF Managers Group LLC purchased a new stake in shares of Innovative Industrial Properties in the second quarter valued at about $32,784,000. Vanguard Group Inc. increased its position in Innovative Industrial Properties by 15.9% in the 2nd quarter. Vanguard Group Inc. now owns 1,172,681 shares of the company’s stock valued at $144,896,000 after acquiring an additional 160,642 shares during the period. River & Mercantile Asset Management LLP acquired a new position in Innovative Industrial Properties in the 2nd quarter valued at about $17,235,000. Sheaff Brock Investment Advisors LLC purchased a new stake in Innovative Industrial Properties during the 2nd quarter valued at approximately $7,086,000. Finally, Penserra Capital Management LLC purchased a new stake in Innovative Industrial Properties during the 1st quarter valued at approximately $4,807,000. 57.81% of the stock is currently owned by institutional investors.
Innovative Industrial Properties Company Profile (NYSE:IIPR)
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 has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.
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