Lemonade (NYSE:LMND) Shares Down 6.4% – Here’s Why

Lemonade, Inc. (NYSE:LMND) shares traded down 6.4% on Tuesday . The stock traded as low as $35.65 and last traded at $36.11. 1,356,275 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 1,590,000 shares. The stock had previously closed at $38.56.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on LMND shares. BMO Capital Markets increased their price target on shares of Lemonade from $13.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday, November 21st. Morgan Stanley upgraded Lemonade from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $23.00 to $42.00 in a report on Wednesday, November 20th. Piper Sandler raised their price objective on Lemonade from $25.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, November 21st. Jefferies Financial Group reduced their price target on shares of Lemonade from $15.00 to $14.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 9th. Finally, JMP Securities boosted 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. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $30.43.

Lemonade Stock Performance

The firm has a market cap of $2.58 billion, a price-to-earnings ratio of -11.88 and a beta of 2.17. The stock’s fifty day moving average is $38.61 and its two-hundred day moving average is $25.28.

Lemonade (NYSE:LMND) last posted its earnings results on Wednesday, October 30th. The company reported ($0.95) EPS for the quarter, topping the consensus estimate of ($1.02) by $0.07. The firm had revenue of $136.60 million during the quarter, compared to analysts’ expectations of $129.10 million. Lemonade had a negative net margin of 43.51% and a negative return on equity of 32.85%. Lemonade’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.88) EPS. Sell-side analysts predict that Lemonade, Inc. will post -3.04 earnings per share for the current year.

Insider Buying and Selling at Lemonade

In other news, Director Maria Angelidis-Smith bought 18,512 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were purchased at an average price of $27.42 per share, with a total value of $507,599.04. Following the completion of the acquisition, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Adina Eckstein sold 23,644 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $40.00, for a total value of $945,760.00. Following the completion of the sale, the chief operating officer now owns 189,653 shares of the company’s stock, valued at $7,586,120. This trade represents a 11.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 900,499 shares of company stock valued at $39,114,376 in the last quarter. Corporate insiders own 12.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of LMND. Blue Trust Inc. boosted its position in shares of Lemonade by 220.0% in the 3rd quarter. Blue Trust Inc. now owns 2,733 shares of the company’s stock valued at $45,000 after purchasing an additional 1,879 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Lemonade by 321.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,462 shares of the company’s stock valued at $74,000 after acquiring an additional 3,403 shares in the last quarter. Quest Partners LLC boosted its stake in Lemonade by 1,647.6% in the 3rd quarter. Quest Partners LLC now owns 9,105 shares of the company’s stock worth $150,000 after purchasing an additional 8,584 shares during the period. Bristlecone Advisors LLC purchased a new position in Lemonade during the 3rd quarter worth approximately $218,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Lemonade in the third quarter valued at $264,000. 80.30% of the stock is owned by institutional investors and hedge funds.

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.