Innovative Industrial Properties (IIPR) Falls More Steeply Than Broader Market: What Investors Need to Know
Innovative Industrial Properties (IIPR) closed at $73.80 in the latest trading session, marking a -1.82% move from the prior day. The stock fell short of the S&P 500, which registered a loss of 1.26% for the day. On the other hand, the Dow registered a loss of 0.86%, and the technology-centric Nasdaq decreased by 1.54%.
Shares of the company have depreciated by 7.77% over the course of the past month, underperforming the Finance sector's loss of 5.97% and the S&P 500's loss of 3.67%.
Market participants will be closely following the financial results of Innovative Industrial Properties in its upcoming release. The company plans to announce its earnings on November 1, 2023. The company's earnings per share (EPS) are projected to be $2.19, reflecting a 2.82% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $75.6 million, indicating a 6.66% growth compared to the corresponding quarter of the prior year.
IIPR's full-year Zacks Consensus Estimates are calling for earnings of $8.88 per share and revenue of $304.15 million. These results would represent year-over-year changes of +5.09% and +10.06%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Innovative Industrial Properties. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. As of now, Innovative Industrial Properties holds a Zacks Rank of #3 (Hold).
Looking at its valuation, Innovative Industrial Properties is holding a Forward P/E ratio of 8.47. Its industry sports an average Forward P/E of 9.98, so one might conclude that Innovative Industrial Properties is trading at a discount comparatively.
The REIT and Equity Trust - Other industry is part of the Finance sector. With its current Zacks Industry Rank of 164, this industry ranks in the bottom 35% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Innovative Industrial Properties, Inc. (IIPR) : Free Stock Analysis Report
