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Innovative Industrial Properties’ Stock Grew ~10% Last Week

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Jan. 28 2019, Updated 9:02 a.m. ET

Stock performance

On January 25, Innovative Industrial Properties (IIPR) stock price closed at $59.94, ~3.52% higher than its closing price of $57.90 on January 24 and ~10% higher compared than its closing price of $54.32 on January 18.

Innovative Industrial Properties stock closed at $14.41 on January 25, which represents ~32% YTD (year-to-date) growth, a ~154% premium over its 52-week low of $23.63 on February 27. On January 25, the company hit a 52-week high of $59.98.

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Financials in a nutshell

Innovative Industrial Properties (IIPR) focuses on the acquisition and control of specialized industrial properties for state-licensed operators developing cannabis for medical use. In the third quarter of 2018, IIPR’s net revenues grew ~150% YoY to $3.9 million. Wall Street analysts expect the company’s net revenues in the fourth quarter at around ~$4.69 million and its full-year 2018 revenues at around $14.69 million. Analysts also predict net revenues of $28.20 in fiscal 2019, which represents ~91.98% YoY growth.

Innovative Industrial Properties’ peer in the cannabis industry, Kushco Holdings (KSHB), reported revenues of $25.32 million in the first quarter of fiscal 2019.

Innovative Industrial Properties’ net income over the first nine months of 2018 amounted to $3.3 million, compared to a net loss of $679,000 in the same period the prior year. Analysts expect the company to report net income of $2.3 million and $5.6 million, respectively, in the fourth quarter and full-year 2018.

The company’s revenue growth could boost the price of the Invesco DWA Financial Momentum ETF (PFI). Innovative Industrial Properties makes up about ~1.78% of PFI’s total portfolio.

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