Lemonade, Inc. (NYSE:LMND) Shares Sold by BIT Capital GmbH

Key Points

• BIT Capital GmbH reduced its stake in Lemonade, Inc. by 9.2% during the first quarter, now holding 362,909 shares, which is approximately 0.50% of Lemonade's total shares.
• Several institutional investors, including Invesco Ltd. and Northern Trust Corp, increased their investments in Lemonade, indicating ongoing interest from major financial players.
• Lemonade's stock has faced pressure recently, with analysts downgrading from "hold" to "sell" and setting target prices as low as $15.00, amidst a 12-month stock price range of $14.90 to $53.85.

BIT Capital GmbH lessened its position in shares of Lemonade, Inc. (NYSE:LMND - Free Report) by 9.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 362,909 shares of the company's stock after selling 36,811 shares during the quarter. Lemonade comprises 1.0% of BIT Capital GmbH's investment portfolio, making the stock its 19th biggest holding. BIT Capital GmbH owned about 0.50% of Lemonade worth $11,406,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in LMND. Nisa Investment Advisors LLC lifted its holdings in shares of Lemonade by 3.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 11,020 shares of the company's stock valued at $346,000 after buying an additional 380 shares during the period. Summit Investment Advisors Inc. increased its stake in Lemonade by 8.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,463 shares of the company's stock valued at $200,000 after purchasing an additional 423 shares in the last quarter. US Bancorp DE increased its stake in Lemonade by 28.3% in the 1st quarter. US Bancorp DE now owns 2,406 shares of the company's stock valued at $76,000 after purchasing an additional 531 shares in the last quarter. CWM LLC increased its stake in Lemonade by 30.2% in the 1st quarter. CWM LLC now owns 2,813 shares of the company's stock valued at $88,000 after purchasing an additional 653 shares in the last quarter. Finally, Quarry LP increased its stake in Lemonade by 300.4% in the 4th quarter. Quarry LP now owns 933 shares of the company's stock valued at $34,000 after purchasing an additional 700 shares in the last quarter. Hedge funds and other institutional investors own 80.30% of the company's stock.

Analysts Set New Price Targets

LMND has been the subject of several research analyst reports. Wall Street Zen downgraded Lemonade from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Morgan Stanley reaffirmed an "underweight" rating and issued a $26.00 price objective (up from $24.00) on shares of Lemonade in a research note on Monday, July 14th. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $26.00 price target (up from $22.00) on shares of Lemonade in a report on Tuesday, July 1st. Finally, BMO Capital Markets upped their price objective on Lemonade from $15.00 to $23.00 and gave the company an "underperform" rating in a research report on Wednesday, July 2nd. Five equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $30.50.

Insiders Place Their Bets

In other Lemonade news, COO Adina Eckstein sold 5,000 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $45.00, for a total transaction of $225,000.00. Following the transaction, the chief operating officer owned 189,653 shares in the company, valued at $8,534,385. The trade was a 2.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Softbank Group Capital Ltd sold 500,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $32.25, for a total value of $16,125,000.00. Following the transaction, the insider owned 7,498,723 shares in the company, valued at approximately $241,833,816.75. This represents a 6.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,688,653 shares of company stock worth $53,969,915 over the last quarter. 12.50% of the stock is owned by corporate insiders.

Lemonade Price Performance

LMND stock traded up $9.43 during trading on Tuesday, reaching $46.43. 8,665,178 shares of the stock traded hands, compared to its average volume of 2,221,752. The business's 50 day moving average price is $39.81 and its 200-day moving average price is $34.83. Lemonade, Inc. has a 52-week low of $14.90 and a 52-week high of $53.85. The firm has a market capitalization of $3.40 billion, a PE ratio of -15.25 and a beta of 2.19.

Lemonade (NYSE:LMND - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.81) by $0.21. The firm had revenue of $164.10 million during the quarter, compared to the consensus estimate of $160.88 million. Lemonade had a negative return on equity of 36.72% and a negative net margin of 38.90%. The firm's quarterly revenue was up 34.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.81) earnings per share. On average, equities research analysts predict that Lemonade, Inc. will post -3.03 earnings per share for the current year.

Lemonade Company 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.