Trulieve Cannabis (NYSE:TRLV) Stock Price Up 4.5% - Here's Why

Key Points

• Trulieve Cannabis shares rose 4.5% to about $11.84, although trading volume was 63% below the stock’s average daily volume.
• Analyst views remain mixed, with ratings ranging from sell to buy; the consensus rating is “Hold” and the average price target is $15.00.
• 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 forecast. Meanwhile, insiders have sold roughly 1.7 million shares over the past three months.

Trulieve Cannabis Corp. (NYSE:TRLV - Get Free Report) shares traded up 4.5% on Wednesday . The company traded as high as $11.72 and last traded at $11.8350. Approximately 249,766 shares changed hands during trading, a decline of 63% from the average daily volume of 674,749 shares. The stock had previously closed at $11.32.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Weiss Ratings began coverage on shares of Trulieve Cannabis in a research report on Tuesday, June 16th. They issued a "sell (d-)" rating for the company. Zacks Research raised shares of Trulieve Cannabis to a "hold" rating in a research note on Thursday, June 18th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $15.00 price target on shares of Trulieve Cannabis in a research note on Friday, August 7th. Finally, Wall Street Zen lowered Trulieve Cannabis from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $15.00.

Trulieve Cannabis Stock Up 3.6%

The company's 50 day simple moving average is $9.14.

Trulieve Cannabis (NYSE:TRLV - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.05. The firm had revenue of $271.00 million during the quarter, compared to the consensus estimate of $268.82 million. As a group, analysts forecast that Trulieve Cannabis Corp. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Trulieve Cannabis

In other news, CEO Kim A. Rivers sold 136,811 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $8.76, for a total transaction of $1,198,464.36. Following the transaction, the chief executive officer directly owned 1,476,913 shares in the company, valued at approximately $12,937,757.88. This trade represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,699,007 shares of company stock valued at $14,661,355. 3.79% of the stock is currently owned by corporate insiders.

Trulieve Cannabis Company Profile

Trulieve Cannabis Corp. is a vertically integrated cannabis company focused on the cultivation, processing, and retail sale of medical and adult-use cannabis products. The company offers a range of products that may include flower, pre-rolls, concentrates, edibles, vape products, and topicals through its dispensary network and branded product portfolio.

Trulieve's operations have been centered primarily in the United States, with a strong presence in Florida and additional markets in other states where cannabis is legally regulated.

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