TRUL enters October with its most striking story in the lending market, where borrowing costs have fallen sharply and share availability has expanded at a pace that stands in stark contrast to the tighter conditions that characterised August.
The dominant theme in positioning is a dramatic easing of borrow pressure. Cost to borrow has dropped from above 5% in late August to just 0.41% now, an 87% fall over the past month. Availability has swung in the same direction. The ratio of shares available to borrow relative to those already borrowed has climbed to 877%, up 60% on the week, meaning there are roughly nine shares available in the lending pool for every one currently lent out. That compares with a 52-week low of 329%, which itself was never particularly tight. Short interest remains negligible at 0.27% of free float, edging lower over the week, and the ORTEX short score has drifted down to 29.4 from 34.9 a week ago. Taken together, the lending market is loose, short sellers are scarce, and the direction of travel in borrow costs suggests any recent demand for borrows has faded.
The stock's own scorecard adds texture to that picture. The ORTEX combined score sits at 29.5, placing TRUL in a broadly neutral zone rather than at extremes. Factor scores tell a mixed story: momentum has been strong, a prior note flagged relative strength readings that towered above most cannabis peers, but value remains the weakest pillar, with a PE ratio near 55 and an EV/EBITDA of 7.5 that has nudged higher over the past month. The EPS surprise rank at the first percentile is the starkest number on the sheet, indicating a persistent record of missing estimates. Analyst data is too stale to carry here, with consensus information dating to mid-2023, more than three years old.
The most notable piece of ownership news is dated but still contextually relevant. Trulieve CEO Kimberly Rivers sold just over 1.2 million shares across seven trading days in late June under a pre-arranged 10b5-1 plan, netting roughly $14.7 million at prices ranging from $8.17 to $9.46. Because the trades were executed under a planned programme rather than at her discretion, the signal value is limited. Still, Rivers remains the largest single holder on record, with 17.1 million shares representing an 8.9% stake as of late June. Two passive 5%-plus holders have also appeared on the 13D/G register: AdvisorShares Trust disclosed a 6.3% position in July 2026, and Marex Securities Products filed a 5.8% stake in December 2025. Neither is an activist. Per standard disclosure rules, those percentages are as last filed and holders dropping below 5% may not file again.
The next scheduled earnings event is 5 November. With short interest barely registering, borrow costs near their lowest point in months, and no activist pressure on the register, the setup heading into that print is primarily a question of whether the fundamental picture, particularly the EPS track record, shows any improvement.
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