Innovative Industrial Properties (IIPR) Stock Sinks As Market Gains: Here's Why
Innovative Industrial Properties (IIPR) ended the recent trading session at $93.21, demonstrating a -1.24% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.08%. Meanwhile, the Dow lost 0.31%, and the Nasdaq, a tech-heavy index, added 0.02%.
Coming into today, shares of the company had lost 4.47% in the past month. In that same time, the Finance sector gained 0.69%, while the S&P 500 gained 3.52%.
The upcoming earnings release of Innovative Industrial Properties will be of great interest to investors. On that day, Innovative Industrial Properties is projected to report earnings of $2.27 per share, which would represent year-over-year growth of 7.08%. Alongside, our most recent consensus estimate is anticipating revenue of $77.25 million, indicating a 9.64% upward movement from the same quarter last year.
Investors might also notice recent changes to analyst estimates for Innovative Industrial Properties. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Innovative Industrial Properties is currently sporting a Zacks Rank of #3 (Hold).
With respect to valuation, Innovative Industrial Properties is currently being traded at a Forward P/E ratio of 10.3. This denotes a discount relative to the industry's average Forward P/E of 11.33.
The REIT and Equity Trust - Other industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 157, placing it within the bottom 38% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow IIPR in the coming trading sessions, be sure to utilize Zacks.com.
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Innovative Industrial Properties, Inc. (IIPR) : Free Stock Analysis Report
