Trulieve Cannabis (NYSE:TRLV) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Trulieve Cannabis to “Hold” from “Buy.” Zacks also rates the stock “Hold,” while Weiss Ratings assigns a “Sell (D-)” rating; the average analyst rating is “Hold” with a $15 price target.
• Trulieve shares opened at $8.76, compared with a 52-week range of $4.62 to $13.28. The company reported quarterly EPS of $0.11, beating the $0.06 consensus estimate.
• Insiders have been selling shares: CEO Kim A. Rivers sold 400,000 shares for about $3.27 million, and insiders sold roughly 1.7 million shares worth $14.66 million over the past quarter.

Trulieve Cannabis (NYSE:TRLV - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Several other research firms also recently commented on TRLV. Zacks Research raised shares of Trulieve Cannabis to a "hold" rating in a research report on Thursday, June 18th. Weiss Ratings assumed coverage on shares of Trulieve Cannabis in a report on Tuesday, June 16th. They set a "sell (d-)" rating on the stock. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $15.00 price objective on shares of Trulieve Cannabis in a research note on Friday. 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 company's stock. According to MarketBeat, Trulieve Cannabis presently has an average rating of "Hold" and an average price target of $15.00.

Trulieve Cannabis Stock Down 2.7%

TRLV opened at $8.76 on Friday. Trulieve Cannabis has a fifty-two week low of $4.62 and a fifty-two week high of $13.28.

Trulieve Cannabis (NYSE:TRLV - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.06 by $0.05. As a group, equities analysts forecast that Trulieve Cannabis will post 0.2 EPS for the current fiscal year.

Insider Buying and Selling at Trulieve Cannabis

In related news, CEO Kim A. Rivers sold 400,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $8.17, for a total value 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 approximately $15,635,125.08. This trade represents a 17.29% decrease in their position. The sale was disclosed in a legal filing 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 quarter, insiders sold 1,699,007 shares of company stock valued at $14,661,355. 3.79% of the stock is currently owned by company 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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