Trulieve Cannabis Corp. (NYSE:TRLV) Sees Large Growth in Short Interest

Key Points

• Short interest more than doubled to 1.74 million shares as of July 15, up 115.1% from June 30 and representing roughly 0.9% of Trulieve’s outstanding stock. The days-to-cover ratio was 1.7.
• Trulieve shares traded at $8.27, near the middle of their $4.19–$13.28 one-year range. CEO Kim Rivers sold 400,000 shares for approximately $3.27 million under a pre-arranged Rule 10b5-1 plan, while insiders sold nearly 1.7 million shares in the last quarter.
• Analyst sentiment was mixed, with ratings ranging from sell to overweight; the stock’s consensus rating was “Hold” and its average price target was $15.00.

Trulieve Cannabis Corp. (NYSE:TRLV - Get Free Report) was the target of a large growth in short interest during the month of July. As of July 15th, there was short interest totaling 1,742,142 shares, a growth of 115.1% from the June 30th total of 809,950 shares. Approximately 0.9% of the company's stock are short sold. Based on an average daily trading volume, of 1,051,176 shares, the days-to-cover ratio is presently 1.7 days.

Trulieve Cannabis Stock Performance

NYSE TRLV traded down $0.06 during trading hours on Tuesday, reaching $8.27. 619,138 shares of the company were exchanged, compared to its average volume of 631,280. Trulieve Cannabis has a 1 year low of $4.19 and a 1 year high of $13.28.

Insiders Place Their Bets

In other Trulieve Cannabis news, CEO Kim A. Rivers sold 400,000 shares of Trulieve Cannabis stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $8.17, for a total transaction of $3,268,000.00. Following the transaction, the chief executive officer directly owned 1,913,724 shares of the company's stock, valued at $15,635,125.08. The trade was a 17.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,699,007 shares of company stock worth $14,661,355. 3.79% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

TRLV has been the topic of several analyst reports. Cantor Fitzgerald initiated coverage on shares of Trulieve Cannabis in a report on Monday, July 20th. They set an "overweight" rating and a $15.00 price target on the stock. Zacks Research raised shares of Trulieve Cannabis to a "hold" rating in a research report on Thursday, June 18th. Wall Street Zen downgraded Trulieve Cannabis from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 12th. Finally, Weiss Ratings began coverage on Trulieve Cannabis in a report on Tuesday, June 16th. They issued a "sell (d-)" rating for the company. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Trulieve Cannabis currently has an average rating of "Hold" and an average target price of $15.00.

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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