5 Best Marijuana Stocks to Buy Now

2. Innovative Industrial Properties, Inc. (NYSE:IIPR)

Number of Hedge Fund Holders: 15

Innovative Industrial Properties, Inc. (NYSE:IIPR) engages in the acquisition, ownership, and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. On August 3, Innovative Industrial Properties, Inc. (NYSE:IIPR) released earnings for the fiscal second quarter of 2022. The company reported an FFO of $1.97 and missed estimates by $0.01. The company’s revenue for the quarter came in at $70.51 million, up 44.29% year over year, and ahead of Wall Street consensus by $1.45 million.

On August 8, Piper Sandler analyst Alexander Goldfarb adjusted his price target on Innovative Industrial Properties, Inc. (NYSE:IIPR) to $135 from $160 and reiterated an Overweight rating on the shares.

As of August 12, Innovative Industrial Properties, Inc. (NYSE:IIPR) has a trailing twelve-month PE ratio of 19.38 and is offering a forward dividend yield of 7.11%, which the company supports with free cash flows of $221.33 million.

At the end of Q1 2022, 15 hedge funds held stakes in Innovative Industrial Properties, Inc. (NYSE:IIPR) worth $311.43 million. This is compared to 13 hedge funds in the previous quarter with stakes worth $273.75 million. The hedge fund sentiment for the stock is positive.

In the second quarter of 2022, Capital Growth Management initiated a position in Innovative Industrial Properties, Inc. (NYSE:IIPR). As of June 30, Capital Growth Management’s stake in the company is roughly $9.8 million, and the fund is the largest shareholder in the company.