With YTD gains of over 40%, Innovative Industrial Properties (NYSE: IIPR) should be on your radar. However, despite all the gains this year – we believe the stock will continue to climb. Let’s dive into IIPR and their high quality bull-trending chart.
IIPR is a Maryland corporation focused on the acquisition, management, and ownership of properties to be leased to regulated medical-use cannabis facilities. IIPR is what is known as a REIT, or a real estate investment trust.
Related: SURNA: The Cannabis Ancillary Stock You’ve Been Waiting For?
At Cannin, typically favor cannabis ancillary stocks like Innovative Industrial Properties (IIPR) and Hydrofarm Holdings (HYFM). In fact, many of these stocks have stronger fundamentals than the MSOs and it shows. Notably, both IIPR and HYFM are up 10x since we first recommended them as strong buys over back in 2019. But will IIPR stock continue to gain? Let’s take a closer look at IIPR’s high quality bull-trending chart so you can judge for yourself.
Related: Cannin’s Top Ancillary Cannabis Stocks for 2021
IIPR: High Quality Bull-Trending Chart
Taking a closer look at the chart above, we notice that IIPR stock continaue to gain in value. Here are some of the highlights for IIPR from the analysts at Cannin.com:
- IIPR has a high quality bull-trending chart
- We see multiple weeks with consecutive bullish weekly bars for IIPR
- Bearish weekly bars for IIPR have been quickly picked up by bulls since 2020 lows of $60
- IIPR has a Market cap of $6B and a 2.3% dividend yield.
- IIPR trend followers likely have stops below $220 at the moment.
- New highs for IIPR look likely and on multiple weeks at new highs, trend following stops likely move to the $240-$250 range.
- Bears would have to break below the strong bull trend line support to hint at change in trend. Cannin analysts believe there are low odds for bears to win.
- Bulls strongly picked up shares at a retest of $220 in October 2021 which used to be the Feb 2021 high.
IIPR: High Quality Bull-Trending Chart
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