Lemonade (NYSE:LMND) Sees Strong Trading Volume After Analyst Upgrade

Lemonade, Inc. (NYSE:LMND) saw unusually-high trading volume on Thursday after BMO Capital Markets raised their price target on the stock from $13.00 to $15.00. BMO Capital Markets currently has an underperform rating on the stock. Approximately 3,457,427 shares were traded during mid-day trading, an increase of 100% from the previous session’s volume of 1,728,911 shares.The stock last traded at $49.65 and had previously closed at $46.58.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler lifted their price objective on shares of Lemonade from $25.00 to $44.00 and gave the company a “neutral” rating in a research note on Thursday. Jefferies Financial Group decreased their target price on Lemonade from $15.00 to $14.00 and set an “underperform” rating on the stock in a report on Wednesday, October 9th. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of Lemonade in a report on Tuesday, October 15th. Morgan Stanley upgraded Lemonade from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $23.00 to $42.00 in a report on Wednesday. Finally, Keefe, Bruyette & Woods cut Lemonade from a “market perform” rating to an “underperform” rating and boosted their target price for the stock from $18.00 to $21.00 in a research report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $27.57.

Insider Transactions at Lemonade

In related news, Director Maria Angelidis-Smith sold 33,554 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $30.33, for a total value of $1,017,692.82. Following the completion of the transaction, the director now owns 40,916 shares of the company’s stock, valued at approximately $1,240,982.28. This represents a 45.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Timothy E. Bixby sold 2,050 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $18.24, for a total transaction of $37,392.00. Following the completion of the transaction, the chief financial officer now owns 271,552 shares in the company, valued at $4,953,108.48. This represents a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,604 shares of company stock valued at $1,655,085 over the last 90 days. 12.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lemonade

Several hedge funds have recently bought and sold shares of the company. State Street Corp boosted its position in shares of Lemonade by 1.2% in the third quarter. State Street Corp now owns 1,233,662 shares of the company’s stock worth $20,343,000 after buying an additional 14,028 shares during the period. Marshall Wace LLP acquired a new position in shares of Lemonade during the 2nd quarter worth about $14,181,000. Landscape Capital Management L.L.C. boosted its position in shares of Lemonade by 17.6% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 321,882 shares of the company’s stock worth $5,308,000 after acquiring an additional 48,260 shares in the last quarter. FMR LLC increased its position in shares of Lemonade by 93.0% during the third quarter. FMR LLC now owns 318,321 shares of the company’s stock worth $5,249,000 after acquiring an additional 153,362 shares in the last quarter. Finally, General Equity Holdings LP bought a new stake in Lemonade during the 2nd quarter worth approximately $5,198,000. Institutional investors and hedge funds own 80.30% of the company’s stock.

Lemonade Trading Up 2.1 %

The company’s 50 day moving average is $21.71 and its 200-day moving average is $19.07. The company has a market capitalization of $3.40 billion, a P/E ratio of -16.33 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($1.02) by $0.07. The company had revenue of $136.60 million during the quarter, compared to the consensus estimate of $129.10 million. Lemonade had a negative net margin of 43.51% and a negative return on equity of 32.85%. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.88) earnings per share. Analysts predict that Lemonade, Inc. will post -3.05 EPS for the current fiscal year.

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.