Lemonade (NYSE:LMND) Price Target Raised to $23.00

Lemonade (NYSE:LMND) had its price target increased by Morgan Stanley from $15.00 to $23.00 in a research note published on Friday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

LMND has been the subject of a number of other research reports. Jefferies Financial Group reduced their price objective on Lemonade from $15.00 to $14.00 and set an “underperform” rating for the company in a research report on Wednesday, October 9th. Piper Sandler increased their price objective on shares of Lemonade from $18.00 to $25.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. 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. Finally, Keefe, Bruyette & Woods cut shares of Lemonade from a “market perform” rating to an “underperform” rating and increased their price target for the company from $18.00 to $21.00 in a report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Lemonade has a consensus rating of “Hold” and an average price target of $23.33.

Lemonade Stock Up 3.0 %

Shares of LMND opened at $34.31 on Friday. The stock has a market capitalization of $2.45 billion, a P/E ratio of -11.29 and a beta of 1.68. The firm has a fifty day simple moving average of $20.69 and a two-hundred day simple moving average of $18.72. Lemonade has a twelve month low of $14.03 and a twelve month high of $35.17.

Lemonade (NYSE:LMND) last announced its earnings results on Wednesday, October 30th. The company reported ($0.95) EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $129.10 million. During the same quarter in the previous year, the business posted ($0.88) EPS. The company’s quarterly revenue was up 19.3% on a year-over-year basis. Sell-side analysts expect that Lemonade will post -3.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Maria Angelidis-Smith purchased 18,512 shares of Lemonade stock in a transaction on Friday, November 8th. The stock was acquired at an average price of $27.42 per share, for a total transaction of $507,599.04. Following the completion of the transaction, the director now directly owns 18,512 shares in the company, valued at $507,599.04. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Timothy E. Bixby sold 2,050 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 271,552 shares of the company’s stock, valued at approximately $4,953,108.48. This trade represents a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,604 shares of company stock valued at $1,655,085 over the last 90 days. Company insiders own 12.50% of the company’s stock.

Hedge Funds Weigh In On Lemonade

Several large investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP raised its holdings in Lemonade by 31.0% during the third quarter. GSA Capital Partners LLP now owns 180,916 shares of the company’s stock valued at $2,983,000 after acquiring an additional 42,822 shares during the period. International Assets Investment Management LLC grew its stake in Lemonade by 1,549.0% during the third quarter. International Assets Investment Management LLC now owns 19,673 shares of the company’s stock valued at $324,000 after acquiring an additional 18,480 shares in the last quarter. Millennium Management LLC increased its holdings in Lemonade by 388.7% in the 2nd quarter. Millennium Management LLC now owns 165,689 shares of the company’s stock valued at $2,734,000 after acquiring an additional 131,784 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in shares of Lemonade by 436.2% during the 2nd quarter. Squarepoint Ops LLC now owns 45,573 shares of the company’s stock valued at $752,000 after purchasing an additional 37,073 shares during the last quarter. Finally, Tidal Investments LLC bought a new position in shares of Lemonade during the 1st quarter valued at about $718,000. Hedge funds and other institutional investors 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.