Trulieve Cannabis (NYSE:TRLV) Trading Up 4.7% - What's Next?

Key Points

• Trulieve Cannabis shares rose 4.7% to approximately $12.05, though trading volume was about 80% below the stock’s average daily volume.
• Analyst sentiment is mixed, resulting in an overall “Hold” rating and a consensus price target of $15.00. Ratings range from Cantor Fitzgerald’s “Overweight” to Weiss Ratings’ “Sell.”
• Trulieve exceeded quarterly expectations, reporting $0.11 in EPS versus the $0.06 estimate and revenue of $271 million versus the $268.82 million forecast. Meanwhile, insiders sold roughly 1.7 million shares worth $14.7 million over the past three months.

Trulieve Cannabis Corp. (NYSE:TRLV - Get Free Report) shares rose 4.7% during trading on Tuesday . The stock traded as high as $11.99 and last traded at $12.05. Approximately 137,826 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 691,962 shares. The stock had previously closed at $11.51.

Analyst Ratings Changes

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

Trulieve Cannabis Stock Performance

The stock's 50 day moving average price is $9.29.

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

Insider Activity at Trulieve Cannabis

In related news, CEO Kim A. Rivers sold 136,811 shares of the business's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $8.76, for a total transaction of $1,198,464.36. Following the completion of the sale, the chief executive officer directly owned 1,476,913 shares in the company, valued at approximately $12,937,757.88. The trade was a 8.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,699,007 shares of company stock worth $14,661,355 in the last three months. 3.79% of the stock is currently owned by insiders.

About Trulieve Cannabis

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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