Trulieve Cannabis (NYSE:TRLV) Trading Up 8.3% - Here's What Happened

Key Points

• Trulieve Cannabis shares rose 8.3% to about $9.87 in mid-day trading, with volume slightly above the average session level.
• The company reported quarterly EPS of $0.11, beating estimates of $0.06, while revenue of $271 million also exceeded expectations of $268.82 million.
• Analyst views remain mixed, resulting in a consensus “Hold” rating and a $15 price target; meanwhile, insiders sold roughly 1.7 million shares worth $14.7 million over the past 90 days.

Shares of Trulieve Cannabis Corp. (NYSE:TRLV - Get Free Report) shot up 8.3% during mid-day trading on Thursday . The stock traded as high as $9.74 and last traded at $9.8650. Approximately 663,856 shares were traded during mid-day trading, an increase of 3% from the average session volume of 647,423 shares. The stock had previously closed at $9.11.

Wall Street Analysts Forecast Growth

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

Trulieve Cannabis Trading Up 6.7%

The stock has a 50 day simple moving average of $8.90.

Trulieve Cannabis (NYSE:TRLV - Get Free Report) last announced its earnings results on Friday, August 7th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. The business had revenue of $271.00 million for the quarter, compared to analysts' expectations of $268.82 million. Analysts expect that Trulieve Cannabis Corp. will post -0.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Kim A. Rivers sold 136,811 shares of Trulieve Cannabis stock in a transaction that occurred on 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 transaction, the chief executive officer owned 1,476,913 shares of the company's stock, valued at $12,937,757.88. The trade was a 8.48% decrease in their position. The sale was disclosed in a 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. Insiders sold a total of 1,699,007 shares of company stock worth $14,661,355 over the last 90 days. 3.79% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source