Bank of America Corp DE Buys 123,484 Shares of Lemonade, Inc. $LMND

Key Points

• Bank of America increased its Lemonade stake by 52.1% in the first quarter, purchasing 123,484 additional shares and bringing its holdings to 360,411 shares worth approximately $22.6 million.
• Institutional investors own 80.3% of Lemonade, while the stock recently traded at $49.88—down 5.2% and near its 12-month low of $46.16.
• Lemonade’s latest results showed revenue rising 79.4% year over year to $294.4 million, though it remained unprofitable with a $0.56 quarterly loss per share. Analysts have a consensus “Hold” rating and an average price target of $66.88.

Bank of America Corp DE boosted its stake in shares of Lemonade, Inc. (NYSE:LMND - Free Report) by 52.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 360,411 shares of the company's stock after purchasing an additional 123,484 shares during the period. Bank of America Corp DE owned about 0.47% of Lemonade worth $22,591,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of LMND. Caitong International Asset Management Co. Ltd raised its stake in Lemonade by 8,080.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 409 shares of the company's stock worth $29,000 after acquiring an additional 404 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in Lemonade during the fourth quarter valued at approximately $33,000. Torren Management LLC bought a new position in shares of Lemonade in the fourth quarter worth approximately $35,000. Strive Financial Group LLC purchased a new stake in shares of Lemonade in the fourth quarter worth $38,000. Finally, State of Wyoming purchased a new stake in shares of Lemonade in the first quarter worth $42,000. Hedge funds and other institutional investors own 80.30% of the company's stock.

Lemonade Trading Down 5.2%

Shares of LMND stock opened at $49.88 on Tuesday. The stock has a market capitalization of $3.86 billion, a price-to-earnings ratio of -27.26 and a beta of 1.84. Lemonade, Inc. has a 12-month low of $46.16 and a 12-month high of $99.90. The stock's 50-day moving average price is $60.37 and its 200-day moving average price is $60.88.

Lemonade (NYSE:LMND - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported ($0.56) EPS for the quarter, meeting analysts' consensus estimates of ($0.56). The company had revenue of $294.40 million during the quarter, compared to analyst estimates of $291.01 million. Lemonade had a negative return on equity of 26.78% and a negative net margin of 14.19%.The firm's revenue was up 79.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.60) earnings per share. As a group, research analysts predict that Lemonade, Inc. will post -1.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lemonade news, insider Maya Prosor sold 1,220 shares of Lemonade stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $53.17, for a total value of $64,867.40. Following the completion of the transaction, the insider directly owned 187,573 shares of the company's stock, valued at $9,973,256.41. This trade represents a 0.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John Sheldon Peters sold 11,000 shares of Lemonade stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $52.55, for a total transaction of $578,050.00. Following the completion of the transaction, the insider directly owned 76,942 shares of the company's stock, valued at $4,043,302.10. The trade was a 12.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 21,007 shares of company stock valued at $1,198,251. 12.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on LMND shares. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Lemonade in a report on Tuesday, May 26th. Piper Sandler lowered their price objective on Lemonade from $75.00 to $51.00 and set a "neutral" rating on the stock in a research report on Thursday, July 30th. UBS Group set a $75.00 price objective on Lemonade in a research note on Thursday, May 21st. Truist Financial cut their target price on Lemonade from $98.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Lemonade in a research note on Friday, July 17th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Lemonade has a consensus rating of "Hold" and a consensus target price of $66.88.

Lemonade Company Profile

Lemonade, Inc NYSE: LMND is a New York–based technology-driven insurance carrier that leverages artificial intelligence and behavioral economics to streamline the purchase and management of policies. Founded in 2015, the company offers renters, homeowners, pet, term life and car insurance products tailored for digitally savvy consumers. By automating underwriting and claims processing through chatbots and machine learning, Lemonade aims to deliver a more transparent and user-friendly experience than traditional insurers.

The company's product suite includes standalone policies for renters and homeowners, customizable pet insurance plans, and term life coverage with simple online applications.

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