Lemonade (NYSE:LMND) Trading Down 7.2% – Here’s What Happened

Lemonade, Inc. (NYSE:LMND)’s stock price was down 7.2% on Thursday . The company traded as low as $32.69 and last traded at $32.37. Approximately 713,535 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 1,844,551 shares. The stock had previously closed at $34.88.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on LMND shares. JMP Securities lifted their price objective on shares of Lemonade from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd. Morgan Stanley upgraded shares of Lemonade from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $23.00 to $42.00 in a research report on Wednesday, November 20th. BMO Capital Markets lifted their price objective on shares of Lemonade from $13.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday, November 21st. Finally, Piper Sandler lowered their price objective on shares of Lemonade from $44.00 to $34.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $31.00.

Lemonade Stock Performance

The company has a market capitalization of $2.54 billion, a PE ratio of -11.49 and a beta of 2.12. The firm’s 50-day simple moving average is $34.26 and its 200 day simple moving average is $30.61.

Lemonade (NYSE:LMND) last issued its earnings results on Tuesday, February 25th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.61) by $0.19. Lemonade had a negative net margin of 43.51% and a negative return on equity of 32.85%. The company had revenue of $148.80 million for the quarter, compared to analyst estimates of $144.78 million. As a group, equities analysts anticipate that Lemonade, Inc. will post -3.03 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Softbank Group Capital Ltd sold 719,815 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $44.29, for a total value of $31,880,606.35. Following the sale, the insider now directly owns 11,263,569 shares in the company, valued at $498,863,471.01. The trade was a 6.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Sheldon Peters sold 28,985 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $38.67, for a total transaction of $1,120,849.95. Following the completion of the sale, the insider now owns 69,508 shares in the company, valued at $2,687,874.36. This represents a 29.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 757,766 shares of company stock worth $33,369,646 in the last three months. Corporate insiders own 12.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its stake in Lemonade by 6.8% in the 4th quarter. Jones Financial Companies Lllp now owns 5,870 shares of the company’s stock valued at $215,000 after purchasing an additional 375 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in shares of Lemonade by 8.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,463 shares of the company’s stock valued at $200,000 after acquiring an additional 423 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Lemonade by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 151,186 shares of the company’s stock valued at $5,545,000 after acquiring an additional 442 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Lemonade by 4.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 10,640 shares of the company’s stock valued at $390,000 after acquiring an additional 500 shares during the last quarter. Finally, Quarry LP increased its stake in shares of Lemonade by 300.4% during the 4th quarter. Quarry LP now owns 933 shares of the company’s stock valued at $34,000 after acquiring an additional 700 shares during the last quarter. Institutional investors and hedge funds own 80.30% of the company’s stock.

Lemonade Company Profile

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.