IIPR Stock Drops Despite Market Gains; Earnings Report Ahead
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Innovative Industrial Properties (IIPR) stock dropped 1.54% despite the S&P 500 only falling 0.72%. The Dow fell 1% and the Nasdaq fell 0.95%.
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IIPR shares have risen 3.38% over the past month, beating the Finance sector's 3.08% gain and the S&P 500's 2.16% gain.
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IIPR's upcoming earnings release will be closely watched. Estimates call for year-over-year earnings growth of 0.89% and revenue growth of 4.71%.
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Positive estimate revisions are a good sign for IIPR's near-term business outlook and can precede stock price increases.
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With a Forward P/E of 10.99, IIPR trades at a discount compared to its industry average of 11.56. Its industry ranks in the bottom 45% of all Zacks-covered industries.