Bank of New York Mellon Corp Makes New Investment in Lemonade, Inc. $LMND

Key Points

• Bank of New York Mellon bought 213,083 Lemonade shares worth approximately $13.9 million, giving it a 0.28% stake. Institutional investors collectively own 80.30% of the company.
• Lemonade shares opened at $51.22, down 1.9%, and remain well below their 12-month high of $99.90. The company reported quarterly revenue of $294.4 million, up 79.4% year over year, while posting a loss of $0.56 per share.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $64.50 target price. Morgan Stanley lowered its target to $56, while insiders have sold more than 18,000 shares over the past 90 days.

Bank of New York Mellon Corp purchased a new stake in shares of Lemonade, Inc. (NYSE:LMND - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 213,083 shares of the company's stock, valued at approximately $13,861,000. Bank of New York Mellon Corp owned 0.28% of Lemonade at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in Lemonade by 0.7% during the fourth quarter. AQR Capital Management LLC now owns 21,569 shares of the company's stock valued at $1,535,000 after purchasing an additional 159 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Lemonade by 0.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 32,431 shares of the company's stock worth $2,308,000 after acquiring an additional 259 shares in the last quarter. CWM LLC raised its stake in Lemonade by 14.5% during the 4th quarter. CWM LLC now owns 2,882 shares of the company's stock worth $205,000 after acquiring an additional 364 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in Lemonade by 8,080.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 409 shares of the company's stock valued at $29,000 after purchasing an additional 404 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Lemonade by 58.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,182 shares of the company's stock worth $84,000 after purchasing an additional 436 shares during the period. Institutional investors own 80.30% of the company's stock.

Lemonade Trading Down 1.9%

Shares of LMND opened at $51.22 on Wednesday. The stock's 50 day moving average is $59.20 and its two-hundred day moving average is $58.87. Lemonade, Inc. has a 12 month low of $46.16 and a 12 month high of $99.90. The firm has a market cap of $3.96 billion, a P/E ratio of -27.99 and a beta of 1.87.

Lemonade (NYSE:LMND - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($0.56) EPS for the quarter, hitting the consensus estimate of ($0.56). The firm had revenue of $294.40 million during the quarter, compared to analysts' expectations 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 for the quarter was up 79.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.60) earnings per share. Equities research analysts forecast that Lemonade, Inc. will post -1.85 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on LMND. Morgan Stanley cut their price target on Lemonade from $65.00 to $56.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 19th. Wall Street Zen downgraded Lemonade from a "hold" rating to a "sell" rating in a research note on Saturday, August 22nd. TD Cowen reissued a "hold" rating on shares of Lemonade in a report on Monday, June 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lemonade in a report on Friday, July 17th. Finally, Keefe, Bruyette & Woods upgraded shares of Lemonade from an "underperform" rating to a "market perform" rating and set a $48.00 price objective on the stock in a research report on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $64.50.

Insiders Place Their Bets

In other news, insider John Sheldon Peters sold 11,000 shares of the business's stock in a transaction that occurred 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 transaction, the insider directly owned 76,942 shares in the company, valued at $4,043,302.10. The trade was a 12.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have sold 18,052 shares of company stock valued at $1,041,134. Company insiders own 12.20% of the company's stock.

About Lemonade

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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