Lemonade (NYSE:LMND) Shares Gap Up – Here’s Why

Lemonade, Inc. (NYSE:LMND)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $36.73, but opened at $38.30. Lemonade shares last traded at $38.46, with a volume of 348,690 shares.

Analyst Ratings Changes

LMND has been the subject of several research reports. Keefe, Bruyette & Woods lowered Lemonade from a “market perform” rating to an “underperform” rating and raised their price objective for the stock from $18.00 to $21.00 in a research note on Thursday, November 7th. Piper Sandler upped their price target on shares of Lemonade from $25.00 to $44.00 and gave the company a “neutral” rating in a research report on Thursday, November 21st. JMP Securities lifted their price objective on shares of Lemonade from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. BMO Capital Markets boosted their target price on shares of Lemonade from $13.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 21st. Finally, Morgan Stanley raised Lemonade from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $23.00 to $42.00 in a research report on Wednesday, November 20th. Three equities research 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $32.67.

Lemonade Trading Down 13.5 %

The firm’s fifty day moving average is $37.36 and its 200 day moving average is $27.86.

Insider Buying and Selling at Lemonade

In other news, major shareholder Softbank Group Capital Ltd sold 719,815 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $44.29, for a total transaction of $31,880,606.35. Following the transaction, the insider now owns 11,263,569 shares in the company, valued at approximately $498,863,471.01. This trade represents a 6.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Adina Eckstein sold 23,644 shares of Lemonade stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $40.00, for a total transaction of $945,760.00. Following the completion of the sale, the chief operating officer now directly owns 189,653 shares of the company’s stock, valued at approximately $7,586,120. The trade was a 11.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 846,945 shares of company stock valued at $37,496,684 in the last quarter. Company insiders own 12.50% of the company’s stock.

Hedge Funds Weigh In On Lemonade

Several institutional investors have recently bought and sold shares of LMND. Millennium Management LLC grew its holdings in 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 purchasing an additional 131,784 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Lemonade by 9.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,194 shares of the company’s stock valued at $482,000 after buying an additional 2,582 shares during the last quarter. SG Americas Securities LLC acquired a new position in Lemonade in the 3rd quarter valued at $308,000. Blue Trust Inc. raised its holdings in Lemonade by 220.0% in the 3rd quarter. Blue Trust Inc. now owns 2,733 shares of the company’s stock worth $45,000 after acquiring an additional 1,879 shares during the period. Finally, International Assets Investment Management LLC lifted its position in Lemonade by 1,549.0% during the 3rd quarter. International Assets Investment Management LLC now owns 19,673 shares of the company’s stock worth $324,000 after acquiring an additional 18,480 shares during the last quarter. 80.30% of the stock is currently owned by institutional investors.

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.