Home Cannabis Innovative Industrial Properties' Stock Grew ~10% Last Week

Innovative Industrial Properties’ Stock Grew ~10% Last Week

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.


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.

Must Read

Texas marijuana

Does Texas Want Marijuana Legalized?

Texas has some of the most restrictive marijuana laws in the US. Medical marijuana is permitted in some cases, and recreational marijuana is illegal.