Lemonade (NYSE:LMND) Trading 7.4% Higher – Here’s What Happened

Lemonade, Inc. (NYSE:LMND) rose 7.4% on Wednesday . The company traded as high as $68.61 and last traded at $69.85. Approximately 159,422 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 2,078,345 shares. The stock had previously closed at $65.05.

Analyst Ratings Changes

Several brokerages recently issued reports on LMND. Piper Sandler reduced their price objective on Lemonade from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Truist Financial dropped their target price on shares of Lemonade from $98.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. TD Cowen restated a “hold” rating on shares of Lemonade in a research report on Monday, June 8th. Citizens Jmp decreased their price target on shares of Lemonade from $85.00 to $80.00 and set a “market outperform” rating for the company in a report on Thursday, April 30th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lemonade in a research report on Tuesday, April 21st. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Lemonade presently has a consensus rating of “Hold” and a consensus target price of $64.89.

Lemonade Stock Up 7.2%

The company has a market capitalization of $5.36 billion, a P/E ratio of -37.26 and a beta of 1.83. The business has a 50 day simple moving average of $57.84 and a 200-day simple moving average of $65.46.

Lemonade (NYSE:LMND) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.47) EPS for the quarter, topping the consensus estimate of ($0.58) by $0.11. Lemonade had a negative net margin of 16.44% and a negative return on equity of 26.52%. The business had revenue of $258.00 million during the quarter, compared to analyst estimates of $251.51 million. During the same quarter in the prior year, the firm earned ($0.86) earnings per share. The company’s quarterly revenue was up 70.6% on a year-over-year basis. Equities analysts forecast that Lemonade, Inc. will post -1.71 EPS for the current fiscal year.

Insider Activity

In other Lemonade news, insider John Sheldon Peters sold 3,608 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $52.94, for a total value of $191,007.52. Following the sale, the insider owned 81,386 shares in the company, valued at approximately $4,308,574.84. This trade represents a 4.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Maya Prosor sold 1,220 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $53.17, for a total value of $64,867.40. Following the transaction, the insider owned 187,573 shares of the company’s stock, valued at approximately $9,973,256.41. This represents a 0.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 6,563 shares of company stock valued at $348,125. 12.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Bank of America Corp DE raised its stake in shares of Lemonade by 52.1% during the first quarter. Bank of America Corp DE now owns 360,411 shares of the company’s stock valued at $22,591,000 after purchasing an additional 123,484 shares in the last quarter. Edgestream Partners L.P. acquired a new position in Lemonade during the 1st quarter valued at about $814,000. California State Teachers Retirement System increased its stake in Lemonade by 22.5% during the 1st quarter. California State Teachers Retirement System now owns 72,887 shares of the company’s stock valued at $4,569,000 after buying an additional 13,411 shares during the period. Royal Bank of Canada increased its stake in Lemonade by 148.5% during the 1st quarter. Royal Bank of Canada now owns 31,328 shares of the company’s stock valued at $1,964,000 after buying an additional 18,721 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Lemonade by 9.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 35,439 shares of the company’s stock worth $2,221,000 after buying an additional 3,008 shares in the last quarter. 80.30% of the stock is owned by institutional investors and hedge funds.

Lemonade Company Profile

Lemonade, Inc (NYSE: LMND) is a New York–based technology-driven insurance carrier that leverages artificial intelligence and behavioral economics to streamline the purchase and management of policies. Founded in 2015, the company offers renters, homeowners, pet, term life and car insurance products tailored for digitally savvy consumers. By automating underwriting and claims processing through chatbots and machine learning, Lemonade aims to deliver a more transparent and user-friendly experience than traditional insurers.

The company’s product suite includes standalone policies for renters and homeowners, customizable pet insurance plans, and term life coverage with simple online applications.