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

Shares of Lemonade, Inc. (NYSE:LMND) traded down 7.2% on Thursday . The stock traded as low as $32.69 and last traded at $32.37. 713,535 shares were traded during trading, a decline of 61% from the average session volume of 1,844,551 shares. The stock had previously closed at $34.88.

Analyst Upgrades and Downgrades

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

Lemonade Price Performance

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

Lemonade (NYSE:LMND) last issued its earnings results on Tuesday, February 25th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.61) by $0.19. The firm had revenue of $148.80 million for the quarter, compared to analysts’ expectations of $144.78 million. Lemonade had a negative net margin of 43.51% and a negative return on equity of 32.85%. Sell-side analysts expect that Lemonade, Inc. will post -3.03 earnings per share for the current fiscal year.

Insider Activity at Lemonade

In other Lemonade news, major shareholder Softbank Group Capital Ltd sold 719,815 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 11,263,569 shares of the company’s stock, valued at approximately $498,863,471.01. This trade represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Sheldon Peters sold 1,899 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $33.79, for a total transaction of $64,167.21. Following the sale, the insider now directly owns 87,609 shares in the company, valued at approximately $2,960,308.11. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 757,766 shares of company stock valued at $33,369,646 over the last 90 days. 12.50% of the stock is owned by corporate insiders.

Institutional Trading of Lemonade

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP raised its holdings in Lemonade by 300.4% during the fourth quarter. Quarry LP now owns 933 shares of the company’s stock worth $34,000 after purchasing an additional 700 shares in the last quarter. Avior Wealth Management LLC acquired a new position in shares of Lemonade in the 4th quarter valued at $40,000. Russell Investments Group Ltd. increased its holdings in shares of Lemonade by 318.8% in the 4th quarter. Russell Investments Group Ltd. now owns 1,139 shares of the company’s stock valued at $42,000 after acquiring an additional 867 shares during the period. BNP Paribas acquired a new position in shares of Lemonade in the 4th quarter valued at $57,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Lemonade by 116.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,596 shares of the company’s stock valued at $59,000 after acquiring an additional 860 shares during the period. Institutional investors and hedge funds own 80.30% of the company’s stock.

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.