Lemonade (NYSE:LMND) Sees Unusually-High Trading Volume on Analyst Upgrade

Lemonade, Inc. (NYSE:LMND) saw unusually-strong 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 changed hands during 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.

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

Insider Buying and Selling

In other Lemonade news, Director Maria Angelidis-Smith bought 15,042 shares of Lemonade stock in a transaction on Wednesday, November 13th. The stock was acquired at an average price of $33.23 per share, with a total value of $499,845.66. Following the acquisition, the director now owns 33,554 shares in the company, valued at approximately $1,114,999.42. This trade represents a 81.26 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy E. Bixby sold 2,050 shares of the company’s stock in a transaction 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 directly owns 271,552 shares in the company, valued at approximately $4,953,108.48. The trade was a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 102,892 shares of company stock worth $3,783,045 in the last 90 days. Insiders own 12.50% of the company’s stock.

Hedge Funds Weigh In On Lemonade

A number of hedge funds have recently bought and sold shares of the business. Axiom Advisory LLC lifted its holdings in shares of Lemonade by 1.6% during the 3rd quarter. Axiom Advisory LLC now owns 54,400 shares of the company’s stock valued at $897,000 after buying an additional 850 shares during the period. Blue Trust Inc. lifted its holdings in Lemonade by 220.0% in the third quarter. Blue Trust Inc. now owns 2,733 shares of the company’s stock valued at $45,000 after acquiring an additional 1,879 shares during the period. Van ECK Associates Corp grew its stake in shares of Lemonade by 12.1% during the 2nd quarter. Van ECK Associates Corp now owns 17,774 shares of the company’s stock valued at $293,000 after purchasing an additional 1,915 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Lemonade by 9.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,609 shares of the company’s stock valued at $404,000 after purchasing an additional 2,196 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Lemonade by 9.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,194 shares of the company’s stock valued at $482,000 after purchasing an additional 2,582 shares during the last quarter. Hedge funds and other institutional investors own 80.30% of the company’s stock.

Lemonade Trading Up 8.1 %

The stock has a market cap of $3.60 billion, a P/E ratio of -16.57 and a beta of 1.68. The company’s 50 day moving average price is $22.36 and its two-hundred day moving average price is $19.29.

Lemonade (NYSE:LMND) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.95) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $129.10 million. During the same quarter last year, the company posted ($0.88) EPS. The company’s revenue was up 19.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Lemonade, Inc. will post -3.05 earnings per share for the current 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.