Long Position on IIPR @ $127.00 on 7/16/2019 (Momentum)

We first featured this stock in April of this year at $83

Innovative Industrial Properties, Inc. (IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities.

Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. 

On May 8th, Innovative Industrial Properties (IIPR) reported 1st Quarter March 2019 earnings of $0.54 per share on revenue of $6.8 million.  Revenue grew 146.9% on a year-over-year basis.

Shares have formed a bullish "cup and handle" and are expected to move higher from this formation.

Entry Point: $127.00

Stop Loss: $120.00

Trading Range: $31.61 to $139.53

Targt Price: $139.50

Updates

7/31/2019 12:46:00 PM

IIPR closed at $107

Position closed on 7/31/2019 at price of $107.00 with a -15.75% loss in 15 days.

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