Innovative Industrial Properties, Inc. (IIPR) closed at $62.31 in the latest trading session, marking a -1.03% move from the prior day. This change lagged the S&P 500's daily loss of 0.94%. At the same time, the Dow lost 0.87%, and the tech-heavy Nasdaq lost 1.18%.
Heading into today, shares of the company had gained 22.32% over the past month, outpacing the Finance sector's gain of 7.5% and the S&P 500's gain of 8.01% in that time.
Investors will be hoping for strength from IIPR as it approaches its next earnings release.
Investors should also note any recent changes to analyst estimates for IIPR. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. IIPR is currently a Zacks Rank #3 (Hold).
Looking at its valuation, IIPR is holding a Forward P/E ratio of 23.76. This represents a premium compared to its industry's average Forward P/E of 14.81.
The REIT and Equity Trust - Other industry is part of the Finance sector. This group has a Zacks Industry Rank of 164, putting it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
To follow IIPR in the coming trading sessions, be sure to utilize Zacks.com.
Innovative Industrial Properties, Inc. (IIPR): Free Stock Analysis Report
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Zacks Investment Research