Long Position on IIPR @ $151.00 on 11/23/2020 (Momentum)

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 November 4th, Innovative Industrial Properties (IIPR) reported 3rd Quarter September 2020 earnings of $1.28 per share on revenue of $34.3 million. The consensus earnings estimate was $1.12 per share on revenue of $28.3 million. Revenue grew 197.1% on a year-over-year basis..

Shares have formed a bullish "pendant" following the results and are expected to move higher from this formation.

Entry Point: $151.00

Stop Loss: $143.00

Trading Range: $40.21 - $164.99

Targt Price: $166.00

Updates

12/9/2020 10:19:29 AM

IIPR closed at $164.

Position closed on 12/9/2020 at price of $164.00 with a 8.61% gain in 16 days.

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