Lemonade (NYSE:LMND) Stock Price Down 6.8% – Here’s What Happened

Lemonade, Inc. (NYSE:LMND) traded down 6.8% during mid-day trading on Wednesday . The company traded as low as $64.04 and last traded at $63.92. 369,612 shares traded hands during trading, a decline of 82% from the average daily volume of 2,016,360 shares. The stock had previously closed at $68.62.

Wall Street Analyst Weigh In

LMND has been the topic of several analyst reports. UBS Group set a $75.00 price target on Lemonade in a research report on Thursday, May 21st. Keefe, Bruyette & Woods raised their target price on Lemonade from $44.00 to $48.00 and gave the stock an “underperform” rating in a report on Wednesday, July 8th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lemonade in a research report on Tuesday, May 26th. Piper Sandler lifted their price target on Lemonade from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Lemonade in a report on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Lemonade presently has an average rating of “Hold” and a consensus price target of $66.78.

Lemonade Price Performance

The business’s fifty day simple moving average is $61.13 and its two-hundred day simple moving average is $64.48. The company has a market cap of $4.66 billion, a PE ratio of -32.47 and a beta of 1.79.

Lemonade (NYSE:LMND) last posted its earnings results on Tuesday, April 28th. The company reported ($0.47) earnings per share (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 for the quarter, compared to analyst estimates of $251.51 million. During the same period in the prior year, the company posted ($0.86) EPS. The company’s revenue for the quarter was up 70.6% on a year-over-year basis. As a group, analysts predict that Lemonade, Inc. will post -1.7 EPS for the current year.

Insiders Place Their Bets

In related news, insider John Sheldon Peters sold 3,444 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $79.00, for a total value of $272,076.00. Following the completion of the sale, the insider owned 77,942 shares of the company’s stock, valued at approximately $6,157,418. The trade was a 4.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Maya Prosor sold 1,220 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $53.17, for a total transaction of $64,867.40. Following the transaction, the insider directly owned 187,573 shares in the company, valued at approximately $9,973,256.41. The trade was a 0.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 10,007 shares of company stock worth $620,201 in the last three months. 12.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lemonade

Several institutional investors have recently bought and sold shares of LMND. Price T Rowe Associates Inc. MD boosted its stake in Lemonade by 186.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,484,175 shares of the company’s stock worth $105,644,000 after purchasing an additional 965,321 shares during the last quarter. Man Group plc purchased a new stake in Lemonade during the 4th quarter valued at about $25,978,000. Goldman Sachs Group Inc. raised its holdings in Lemonade by 50.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 866,476 shares of the company’s stock valued at $61,676,000 after acquiring an additional 291,122 shares during the last quarter. Two Sigma Investments LP boosted its holdings in shares of Lemonade by 45.0% during the 3rd quarter. Two Sigma Investments LP now owns 813,062 shares of the company’s stock worth $43,523,000 after purchasing an additional 252,298 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Lemonade by 255.2% in the first quarter. Millennium Management LLC now owns 329,934 shares of the company’s stock valued at $10,370,000 after purchasing an additional 237,044 shares during the last quarter. 80.30% of the stock is currently owned by institutional investors and hedge funds.

About Lemonade

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.