Trulieve Cannabis (NYSE:TRLV) Trading Up 7.7% - Should You Buy?

Key Points

• Trulieve Cannabis shares rose 7.7% to $12.39, with trading volume up 143% from the average, following a previous close of $11.50.
• The company exceeded quarterly expectations, reporting earnings per share of $0.11 versus a $0.06 estimate and revenue of $271 million versus a $268.82 million consensus.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and a $15.00 target price. Meanwhile, insiders sold 836,811 shares worth roughly $6.9 million over the past three months.

Trulieve Cannabis Corp. (NYSE:TRLV - Get Free Report)'s stock price rose 7.7% during trading on Tuesday . The company traded as high as $12.40 and last traded at $12.39. Approximately 2,056,051 shares were traded during mid-day trading, an increase of 143% from the average daily volume of 844,526 shares. The stock had previously closed at $11.50.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Zacks Research raised Trulieve Cannabis to a "hold" rating in a research note on Thursday, June 18th. Cantor Fitzgerald restated an "overweight" rating and set a $15.00 price target on shares of Trulieve Cannabis in a research report on Friday, August 7th. Wall Street Zen cut shares of Trulieve Cannabis from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Trulieve Cannabis in a report on Friday, September 11th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Trulieve Cannabis currently has a consensus rating of "Hold" and a consensus target price of $15.00.

Trulieve Cannabis Trading Up 7.7%

The firm's 50-day moving average price is $10.09.

Trulieve Cannabis (NYSE:TRLV - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $268.82 million. On average, analysts expect that Trulieve Cannabis Corp. will post 0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Trulieve Cannabis news, CEO Kim Rivers sold 400,000 shares of Trulieve Cannabis stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $8.17, for a total transaction of $3,268,000.00. Following the completion of the transaction, the chief executive officer owned 1,913,724 shares in the company, valued at approximately $15,635,125.08. The trade was a 17.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 836,811 shares of company stock worth $6,917,464. 3.79% of the stock is owned by company insiders.

About Trulieve Cannabis

Trulieve Cannabis Corp. is a vertically integrated cannabis company that cultivates, processes, manufactures and sells medical and adult-use cannabis products. Its product portfolio includes flower, pre-rolls, concentrates, edibles, tinctures, capsules and topical products, marketed under the Trulieve brand and other affiliated brands.

The company sells its products through a network of company-operated dispensaries and, where permitted, through wholesale and other distribution channels.

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