Trulieve Cannabis (NYSE:TRLV) Stock Jumps 7.6% - Here's What Happened

Key Points

• Trulieve Cannabis shares rose 7.6% intraday to about $11.07, although trading volume was 52% below the average session volume.
• Analyst sentiment remains mixed: Cantor Fitzgerald maintained an “overweight” rating with a $15 price target, while Wall Street Zen downgraded the stock to “hold” and Weiss Ratings reaffirmed a “sell” rating. The consensus rating is “Hold,” with a $15 average target.
• The company exceeded quarterly expectations, reporting $0.11 in earnings per share versus a $0.06 estimate and $271 million in revenue versus a $268.82 million consensus forecast, despite a negative net margin of 41.55%.

Trulieve Cannabis Corp. (NYSE:TRLV - Get Free Report)'s stock price shot up 7.6% during mid-day trading on Monday. The company traded as high as $10.95 and last traded at $11.0650. 460,971 shares changed hands during trading, a decline of 52% from the average session volume of 961,374 shares. The stock had previously closed at $10.28.

Analyst Ratings Changes

Several equities research analysts recently issued reports on TRLV shares. Wall Street Zen lowered shares of Trulieve Cannabis from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Trulieve Cannabis in a report on Friday, September 11th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $15.00 price target on shares of Trulieve Cannabis in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Trulieve Cannabis currently has a consensus rating of "Hold" and an average target price of $15.00.

Trulieve Cannabis Trading Up 8.7%

The company has a current ratio of 5.94, a quick ratio of 3.98 and a debt-to-equity ratio of 0.45. The firm has a market cap of $2.15 billion and a price-to-earnings ratio of 101.57. The stock has a 50 day simple moving average of $11.19.

Trulieve Cannabis (NYSE:TRLV - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.06 by $0.05. The business had revenue of $271.00 million for the quarter, compared to the consensus estimate of $268.82 million. Trulieve Cannabis had a negative return on equity of 4.24% and a negative net margin of 41.55%. On average, equities research analysts expect that Trulieve Cannabis Corp. will post 0.31 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC purchased a new position in shares of Trulieve Cannabis in the third quarter worth $242,000. Partners Wealth Management LLC purchased a new position in Trulieve Cannabis during the third quarter valued at $504,000. North Star Investment Management Corp. purchased a new position in Trulieve Cannabis during the third quarter valued at $28,000. Marion Wealth Management bought a new stake in Trulieve Cannabis in the 3rd quarter valued at $109,000. Finally, PFS Partners LLC bought a new stake in Trulieve Cannabis in the 3rd quarter valued at $33,000.

Trulieve Cannabis Company Profile

Trulieve Cannabis Corp. is a vertically integrated cannabis company that cultivates, processes and sells medical and adult-use cannabis products. Its offerings include flower, pre-rolls, concentrates, vaporizers, edibles, tinctures, capsules and topical products, sold through retail dispensaries and other approved channels under brands such as Trulieve, Cultivar Collection, Muse, Roll One and Alchemy.

Founded in 2015, Trulieve initially built its business around Florida's medical cannabis market and later expanded into additional U.S.

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