Trulieve Cannabis (NYSE:TRLV) Trading 7.7% Higher – Here’s What Happened

Trulieve Cannabis Corp. (NYSE:TRLV)’s stock price shot up 7.7% during trading on Tuesday . The company traded as high as $12.40 and last traded at $12.39. 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on TRLV shares. Zacks Research upgraded Trulieve Cannabis to a “hold” rating in a research note on Thursday, June 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Trulieve Cannabis in a report on Friday, September 11th. Wall Street Zen lowered Trulieve Cannabis from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $15.00 price target on shares of Trulieve Cannabis in a report on Friday, August 7th. 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 stock. According to MarketBeat.com, Trulieve Cannabis presently has a consensus rating of “Hold” and an average price target of $15.00.

Trulieve Cannabis Trading Up 7.7%

The business has a fifty day moving average price of $10.09.

Trulieve Cannabis (NYSE:TRLV) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. The business had revenue of $271.00 million during the quarter, compared to analyst estimates of $268.82 million. Equities analysts expect that Trulieve Cannabis Corp. will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling at Trulieve Cannabis

In related news, CEO Kim Rivers sold 400,000 shares of Trulieve Cannabis stock in a transaction dated 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 sale, the chief executive officer directly owned 1,913,724 shares in the company, valued at approximately $15,635,125.08. The trade was a 17.29% decrease in their position. The transaction was disclosed in a 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 three months, insiders have sold 836,811 shares of company stock worth $6,917,464. 3.79% of the stock is owned by corporate 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.