Innovative Industrial Properties, Inc. (IIPR - Free Report) closed at $72.51 in the latest trading session, marking a +1.36% move from the prior day. This move outpaced the S&P 500's daily gain of 0.19%. Elsewhere, the Dow lost 0.11%, while the tech-heavy Nasdaq added 0.81%.
Coming into today, shares of the company had lost 21.72% in the past month. In that same time, the Finance sector gained 1.46%, while the S&P 500 gained 0.56%.
Wall Street will be looking for positivity from IIPR as it approaches its next earnings report date.
It is also important to note the recent changes to analyst estimates for IIPR. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. IIPR currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that IIPR has a Forward P/E ratio of 27.73 right now. For comparison, its industry has an average Forward P/E of 16.42, which means IIPR is trading at a premium to the group.
The REIT and Equity Trust - Other industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 95, which puts it in the top 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within 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.