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

Key Points

• Short interest in Trulieve Cannabis surged 174.1% in June, reaching 809,950 shares as of June 30. Even so, short interest still represents just 0.4% of shares outstanding, with a days-to-cover ratio of 0.4.
• Analyst sentiment remains cautious: Zacks upgraded TRLV to hold, Weiss Ratings initiated coverage with a sell (d-) rating, and Wall Street Zen cut its rating from strong-buy to buy. The current consensus rating is Reduce.
• CEO Kim A. Rivers sold 136,811 shares in a pre-arranged Rule 10b5-1 transaction, and insiders have sold 1,699,007 shares over the past 90 days. The stock opened at $8.96 and has traded between $4.00 and $13.28 over the last 12 months.

Trulieve Cannabis Corp. (NYSE:TRLV - Get Free Report) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totaling 809,950 shares, a growth of 174.1% from the June 15th total of 295,465 shares. Currently, 0.4% of the shares of the stock are short sold. Based on an average trading volume of 2,214,683 shares, the days-to-cover ratio is presently 0.4 days.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TRLV. Zacks Research upgraded shares of Trulieve Cannabis to a "hold" rating in a research report on Thursday, June 18th. Weiss Ratings initiated coverage on shares of Trulieve Cannabis in a report on Tuesday, June 16th. They issued a "sell (d-)" rating for the company. Finally, Wall Street Zen cut shares of Trulieve Cannabis from a "strong-buy" rating to a "buy" rating in a research report on Sunday. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Reduce".

Trulieve Cannabis Stock Up 3.9%

Shares of TRLV stock opened at $8.96 on Tuesday. Trulieve Cannabis has a 12 month low of $4.00 and a 12 month high of $13.28.

Insiders Place Their Bets

In other Trulieve Cannabis news, CEO Kim A. Rivers sold 136,811 shares of the business's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $8.76, for a total value of $1,198,464.36. Following the completion of the transaction, the chief executive officer directly owned 1,476,913 shares of the company's stock, 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 legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,699,007 shares of company stock valued at $14,661,355. Company insiders own 3.79% of the company's stock.

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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