Lemonade (NYSE:LMND) Shares Down 4.2% on Insider Selling

Shares of Lemonade, Inc. (NYSE:LMND) dropped 4.2% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $48.11 and last traded at $48.27. Approximately 747,549 shares traded hands during trading, a decline of 57% from the average daily volume of 1,753,032 shares. The stock had previously closed at $50.36.

Specifically, COO Adina Eckstein sold 23,644 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $50.00, for a total value of $1,182,200.00. Following the completion of the transaction, the chief operating officer now owns 189,653 shares of the company’s stock, valued at approximately $9,482,650. This represents a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Adina Eckstein sold 23,644 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $40.00, for a total value of $945,760.00. Following the completion of the transaction, the chief operating officer now directly owns 189,653 shares of the company’s stock, valued at $7,586,120. The trade was a 11.09 % decrease in their position. The disclosure for this sale can be found here. In other Lemonade news, Director Maria Angelidis-Smith sold 33,554 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $30.33, for a total transaction 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 $1,240,982.28. This represents a 45.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

A number of equities analysts have commented on LMND shares. Jefferies Financial Group reduced their target price on Lemonade from $15.00 to $14.00 and set an “underperform” rating for the company in a report on Wednesday, October 9th. Keefe, Bruyette & Woods lowered Lemonade from a “market perform” rating to an “underperform” rating and increased their price objective for the stock from $18.00 to $21.00 in a research report on Thursday, November 7th. Morgan Stanley upgraded Lemonade from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $23.00 to $42.00 in a research report on Wednesday. BMO Capital Markets increased their price objective on Lemonade from $13.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday. Finally, Piper Sandler raised their price target on Lemonade from $25.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Lemonade presently has an average rating of “Hold” and a consensus target price of $30.43.

Lemonade Price Performance

The stock has a 50-day moving average price of $22.98 and a 200 day moving average price of $19.51. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of -16.21 and a beta of 1.68.

Lemonade (NYSE:LMND) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.95) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.02) by $0.07. Lemonade had a negative return on equity of 32.85% and a negative net margin of 43.51%. The firm had revenue of $136.60 million for the quarter, compared to analyst estimates of $129.10 million. During the same quarter last year, the company posted ($0.88) earnings per share. The business’s revenue was up 19.3% on a year-over-year basis. As a group, equities research analysts predict that Lemonade, Inc. will post -3.05 earnings per share for the current year.

Institutional Investors Weigh In On Lemonade

A number of institutional investors have recently added to or reduced their stakes in LMND. Barclays PLC grew its holdings in shares of Lemonade by 292.5% in the 3rd quarter. Barclays PLC now owns 87,414 shares of the company’s stock worth $1,443,000 after acquiring an additional 65,144 shares during the period. Main Management ETF Advisors LLC acquired a new stake in shares of Lemonade in the 3rd quarter worth approximately $614,000. State Street Corp grew its holdings in shares of Lemonade by 1.2% in the 3rd quarter. State Street Corp now owns 1,233,662 shares of the company’s stock worth $20,343,000 after acquiring an additional 14,028 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Lemonade by 321.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,462 shares of the company’s stock worth $74,000 after acquiring an additional 3,403 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in shares of Lemonade in the 3rd quarter worth approximately $1,571,000. 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.