Geode Capital Management LLC Sells 64,393 Shares of Lemonade, Inc. (NYSE:LMND)

Geode Capital Management LLC lowered its stake in Lemonade, Inc. (NYSE:LMND) by 5.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,208,613 shares of the company’s stock after selling 64,393 shares during the period. Geode Capital Management LLC owned 1.69% of Lemonade worth $19,934,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Axiom Advisory LLC raised its stake 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 buying an additional 850 shares during the last quarter. Blue Trust Inc. grew its position in shares of Lemonade by 220.0% in 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 during the period. Van ECK Associates Corp increased 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 worth $293,000 after purchasing an additional 1,915 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Lemonade by 9.7% during the second quarter. The Manufacturers Life Insurance Company now owns 29,194 shares of the company’s stock worth $482,000 after acquiring an additional 2,582 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in Lemonade by 321.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,462 shares of the company’s stock valued at $74,000 after acquiring an additional 3,403 shares in the last quarter. Institutional investors and hedge funds own 80.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on LMND. Morgan Stanley upgraded shares of Lemonade from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $23.00 to $42.00 in a report on Wednesday, November 20th. JMP Securities increased their price target on Lemonade from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd. Piper Sandler boosted their price target on Lemonade from $25.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, November 21st. Jefferies Financial Group lowered their price target on Lemonade from $15.00 to $14.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 9th. 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 equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Lemonade has a consensus rating of “Hold” and a consensus price target of $30.43.

Lemonade Stock Down 10.8 %

Shares of Lemonade stock opened at $39.40 on Friday. Lemonade, Inc. has a 12-month low of $14.03 and a 12-month high of $53.85. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -12.96 and a beta of 2.09. The firm’s 50-day moving average price is $36.36 and its two-hundred day moving average price is $24.30.

Lemonade (NYSE:LMND) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.95) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.02) by $0.07. The business had revenue of $136.60 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.88) EPS. On average, sell-side analysts expect that Lemonade, Inc. will post -3.04 earnings per share for the current year.

Insider Buying and Selling

In other news, insider John Sheldon Peters sold 1,790 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $45.50, for a total transaction 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Softbank Group Capital Ltd sold 7,067 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $43.02, for a total value of $304,022.34. Following the sale, the insider now owns 10,699,211 shares in the company, valued at approximately $460,280,057.22. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 871,514 shares of company stock worth $37,993,527 in the last ninety days. 12.50% of the stock is owned by insiders.

Lemonade Profile

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.