Innovative Industrial Properties, Inc. (NYSE:IIPR) Short Interest Up 23.0% in December

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the recipient of a large growth in short interest in the month of December. As of December 31st, there was short interest totaling 2,928,061 shares, a growth of 23.0% from the December 15th total of 2,379,956 shares. Currently, 10.7% of the shares of the company are sold short. Based on an average daily volume of 625,132 shares, the days-to-cover ratio is currently 4.7 days. Based on an average daily volume of 625,132 shares, the days-to-cover ratio is currently 4.7 days. Currently, 10.7% of the shares of the company are sold short.

Insider Buying and Selling at Innovative Industrial Properties

In related news, Chairman Alan D. Gold purchased 2,600 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was bought at an average price of $49.09 per share, for a total transaction of $127,634.00. Following the purchase, the chairman directly owned 2,600 shares in the company, valued at approximately $127,634. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Jon Smith acquired 600 shares of Innovative Industrial Properties stock in a transaction on Thursday, November 20th. The shares were purchased at an average cost of $45.90 per share, with a total value of $27,540.00. Following the completion of the acquisition, the chief financial officer owned 600 shares of the company’s stock, valued at $27,540. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 4,200 shares of company stock valued at $201,434. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of large investors have recently added to or reduced their stakes in the company. West Oak Capital LLC bought a new position in Innovative Industrial Properties in the third quarter worth about $27,000. AdvisorNet Financial Inc grew its holdings in shares of Innovative Industrial Properties by 50.3% during the 2nd quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock worth $31,000 after acquiring an additional 187 shares during the period. FNY Investment Advisers LLC bought a new position in shares of Innovative Industrial Properties in the 3rd quarter worth approximately $32,000. Advisory Services Network LLC purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at approximately $34,000. Finally, Huntington National Bank boosted its position in shares of Innovative Industrial Properties by 110.6% during the third quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after purchasing an additional 366 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Piper Sandler upped their price target on Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a research report on Wednesday, November 5th. Weiss Ratings raised shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, January 13th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $68.20.

Innovative Industrial Properties Price Performance

NYSE IIPR traded down $0.09 during trading hours on Monday, reaching $50.72. 260,079 shares of the stock traded hands, compared to its average volume of 377,390. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.75 and a quick ratio of 2.75. The stock has a 50 day simple moving average of $50.56 and a two-hundred day simple moving average of $52.72. Innovative Industrial Properties has a 1 year low of $44.58 and a 1 year high of $75.71. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 12.02 and a beta of 1.46.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, November 3rd. The company reported $1.71 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.02). The business had revenue of $64.69 million during the quarter, compared to the consensus estimate of $63.72 million. Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The company’s revenue was down 15.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.25 earnings per share. On average, analysts predict that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 15.0%. The ex-dividend date of this dividend was Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is presently 180.09%.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.