Lemonade (NYSE:LMND) Stock Price Up 4.2% After Insider Buying Activity

Shares of Lemonade, Inc. (NYSE:LMND) shot up 4.2% on Thursday after an insider bought additional shares in the company. The company traded as high as $34.12 and last traded at $33.34. 282,366 shares were traded during trading, a decline of 83% from the average session volume of 1,651,684 shares. The stock had previously closed at $31.99.

Specifically, Director Maria Angelidis-Smith bought 15,042 shares of the stock in a transaction dated Wednesday, November 13th. The shares were bought at an average cost of $33.23 per share, for a total transaction of $499,845.66. Following the purchase, the director now directly owns 33,554 shares of the company’s stock, valued at approximately $1,114,999.42. This trade represents a 81.26 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Maria Angelidis-Smith bought 18,512 shares of the stock in a transaction dated Friday, November 8th. The shares were acquired at an average price of $27.42 per share, for a total transaction of $507,599.04. Following the completion of the purchase, the director now directly owns 18,512 shares in the company, valued at approximately $507,599.04. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LMND. Jefferies Financial Group lowered their target price on Lemonade from $15.00 to $14.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 9th. Piper Sandler lifted their target price on Lemonade from $18.00 to $25.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Keefe, Bruyette & Woods cut Lemonade from a “market perform” rating to an “underperform” rating and lifted their target price for the stock from $18.00 to $21.00 in a research note on Thursday, November 7th. Morgan Stanley boosted their price objective on Lemonade from $15.00 to $23.00 and gave the company an “underweight” rating in a research note on Friday. Finally, JMP Securities restated a “market outperform” rating and issued a $40.00 price objective on shares of Lemonade in a research note on Tuesday, October 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Lemonade currently has an average rating of “Hold” and an average price target of $23.33.

Lemonade Stock Performance

The stock has a 50 day moving average of $20.06 and a 200-day moving average of $18.48. The firm has a market capitalization of $2.38 billion, a P/E ratio of -11.45 and a beta of 1.68.

Lemonade (NYSE:LMND) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.95) earnings per share for the quarter, beating the consensus estimate of ($1.02) by $0.07. Lemonade had a negative return on equity of 32.85% and a negative net margin of 43.51%. The firm had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $129.10 million. During the same period in the prior year, the business posted ($0.88) earnings per share. The company’s revenue was up 19.3% on a year-over-year basis. As a group, sell-side analysts expect that Lemonade, Inc. will post -3.05 EPS for the current year.

Institutional Investors Weigh In On Lemonade

Several hedge funds and other institutional investors have recently modified their holdings of LMND. Marshall Wace LLP bought a new stake in shares of Lemonade during the second quarter valued at about $14,181,000. General Equity Holdings LP bought a new stake in shares of Lemonade during the second quarter valued at about $5,198,000. FMR LLC increased its position in shares of Lemonade by 93.0% during the third quarter. FMR LLC now owns 318,321 shares of the company’s stock valued at $5,249,000 after buying an additional 153,362 shares during the period. Millennium Management LLC increased its position in shares of Lemonade by 388.7% during the second quarter. Millennium Management LLC now owns 165,689 shares of the company’s stock valued at $2,734,000 after buying an additional 131,784 shares during the period. Finally, Verition Fund Management LLC purchased a new position in shares of Lemonade during the third quarter worth about $1,571,000. 80.30% of the stock is currently owned by institutional investors.

About Lemonade

Lemonade, Inc provides various insurance products through various channels in the United States, Europe, and the United Kingdom. Its insurance products include stolen or damaged property, and personal liability that protects its customers if they are responsible for an accident or damage to another person or their property.