Lemonade (NYSE:LMND) Given New $34.00 Price Target at Piper Sandler

Lemonade (NYSE:LMND) had its price objective lowered by analysts at Piper Sandler from $44.00 to $34.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 8.16% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on LMND. JMP Securities increased their price target on shares of Lemonade from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Friday, November 22nd. BMO Capital Markets upped their target price on shares of Lemonade from $13.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 21st. Keefe, Bruyette & Woods downgraded shares of Lemonade from a “market perform” rating to an “underperform” rating and raised their price target for the company from $18.00 to $21.00 in a report on Thursday, November 7th. Finally, Morgan Stanley raised shares of Lemonade from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $23.00 to $42.00 in a report on Wednesday, November 20th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Lemonade currently has an average rating of “Hold” and a consensus price target of $31.00.

Lemonade Stock Performance

Shares of LMND stock opened at $31.44 on Wednesday. Lemonade has a 52 week low of $14.03 and a 52 week high of $53.85. The firm’s 50-day simple moving average is $35.27 and its two-hundred day simple moving average is $29.18. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of -10.34 and a beta of 2.15.

Lemonade (NYSE:LMND) last issued its earnings results 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. Lemonade had a negative net margin of 43.51% and a negative return on equity of 32.85%. The firm had revenue of $148.80 million during the quarter, compared to analyst estimates of $144.78 million. Analysts forecast that Lemonade will post -3.03 earnings per share for the current year.

Insider Transactions at Lemonade

In other news, insider John Sheldon Peters sold 1,790 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $45.50, for a total value of $81,445.00. Following the completion of the transaction, the insider now directly owns 88,493 shares in the company, valued at approximately $4,026,431.50. This represents a 1.98 % 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, major shareholder Softbank Group Capital Ltd sold 7,067 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $43.02, for a total value of $304,022.34. Following the transaction, the insider now directly owns 10,699,211 shares in the company, valued at approximately $460,280,057.22. This represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 769,657 shares of company stock valued at $33,868,724 in the last quarter. Insiders own 12.50% of the company’s stock.

Institutional Investors Weigh In On Lemonade

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