Lemonade (NYSE:LMND) Trading Up 9.5% – Here’s What Happened

Lemonade, Inc. (NYSE:LMND) shares were up 9.5% during mid-day trading on Monday . The stock traded as high as $37.88 and last traded at $37.85. Approximately 387,010 shares changed hands during trading, a decline of 79% from the average daily volume of 1,856,692 shares. The stock had previously closed at $34.58.

Analysts Set New Price Targets

Separately, Piper Sandler lowered their price objective on Lemonade from $44.00 to $34.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $31.00.

Lemonade Price Performance

The company has a market capitalization of $2.66 billion, a P/E ratio of -12.02 and a beta of 2.12. The company has a 50 day moving average of $34.48 and a 200-day moving average of $31.62.

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

Insiders Place Their Bets

In other Lemonade news, insider John Sheldon Peters sold 1,899 shares of Lemonade 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 of the company’s stock, valued at approximately $2,960,308.11. The trade was a 2.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 12.50% of the company’s stock.

Institutional Investors Weigh In On Lemonade

Several hedge funds have recently made changes to their positions in LMND. JPMorgan Chase & Co. raised its holdings in Lemonade by 2,627.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,349,356 shares of the company’s stock worth $49,494,000 after purchasing an additional 1,299,891 shares in the last quarter. Two Sigma Investments LP purchased a new position in Lemonade during the 4th quarter valued at about $22,066,000. Voloridge Investment Management LLC bought a new stake in Lemonade during the fourth quarter worth about $21,310,000. Two Sigma Advisers LP purchased a new stake in Lemonade in the fourth quarter worth about $15,412,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Lemonade by 402.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 275,161 shares of the company’s stock valued at $10,093,000 after purchasing an additional 220,399 shares in the last quarter. 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.