Lemonade (NYSE:LMND) Shares Down 6.9% – Here’s Why

Lemonade, Inc. (NYSE:LMND)’s share price was down 6.9% during mid-day trading on Thursday . The stock traded as low as $27.16 and last traded at $27.28. Approximately 1,167,697 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 1,623,433 shares. The stock had previously closed at $29.29.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on LMND shares. Piper Sandler upped their target price on shares of Lemonade from $18.00 to $25.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Keefe, Bruyette & Woods downgraded shares of Lemonade from a “market perform” rating to an “underperform” rating and upped their price target for the company from $18.00 to $21.00 in a research report on Thursday. Jefferies Financial Group reduced their target price on shares of Lemonade from $15.00 to $14.00 and set an “underperform” rating for the company in a research note on Wednesday, October 9th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $40.00 price objective on shares of Lemonade in a research note on Tuesday, October 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $21.83.

Lemonade Stock Performance

The company’s fifty day simple moving average is $18.58 and its two-hundred day simple moving average is $17.91. The stock has a market capitalization of $1.95 billion, a PE ratio of -9.09 and a beta of 1.68.

Lemonade (NYSE:LMND) last posted its earnings results on Wednesday, October 30th. The company reported ($0.95) earnings per share for the quarter, beating the consensus estimate of ($1.02) by $0.07. Lemonade had a negative net margin of 43.51% and a negative return on equity of 32.85%. The firm had revenue of $136.60 million during the quarter, compared to the consensus estimate of $129.10 million. During the same period last year, the firm posted ($0.88) EPS. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. Sell-side analysts forecast that Lemonade, Inc. will post -3 EPS for the current fiscal year.

Insider Transactions at Lemonade

In related news, CFO Timothy E. Bixby sold 2,050 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $18.24, for a total value of $37,392.00. Following the sale, the chief financial officer now directly owns 271,552 shares of the company’s stock, valued at $4,953,108.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 12.50% of the company’s stock.

Institutional Trading of Lemonade

Several institutional investors have recently added to or reduced their stakes in the stock. Axiom Advisory LLC grew its position in shares of Lemonade by 1.6% during the third quarter. Axiom Advisory LLC now owns 54,400 shares of the company’s stock worth $897,000 after acquiring an additional 850 shares during the last quarter. Blue Trust Inc. boosted its stake in Lemonade by 220.0% during 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 in the last quarter. Van ECK Associates Corp boosted its stake in Lemonade by 12.1% during the 2nd quarter. Van ECK Associates Corp now owns 17,774 shares of the company’s stock valued at $293,000 after purchasing an additional 1,915 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Lemonade by 9.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,609 shares of the company’s stock valued at $404,000 after purchasing an additional 2,196 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Lemonade by 9.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,194 shares of the company’s stock valued at $482,000 after acquiring an additional 2,582 shares during the last quarter. 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.