BlackRock Inc. Takes $393.41 Million Position in Lemonade, Inc. $LMND

Key Points

• BlackRock acquired 6.05 million Lemonade shares worth approximately $393.4 million, giving it a 7.81% stake. Institutional investors and hedge funds collectively own 80.30% of the company.
• Lemonade’s analyst consensus remains “Hold,” with four Buy, four Hold and one Sell rating and an average price target of $64.50. Recent brokerages have generally lowered price targets, including Morgan Stanley to $56 and Piper Sandler to $51.
• The company reported quarterly revenue of $294.4 million, up 79.4% year over year, while its adjusted loss of $0.56 per share matched estimates. Shares opened at $54.42, well below the 12-month high of $99.90.

BlackRock Inc. acquired a new position in shares of Lemonade, Inc. (NYSE:LMND - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,047,782 shares of the company's stock, valued at approximately $393,408,000. BlackRock Inc. owned approximately 7.81% of Lemonade at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in LMND. AQR Capital Management LLC increased its holdings in shares of 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 acquiring an additional 159 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Lemonade by 0.8% during the fourth 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 holdings in shares of Lemonade by 14.5% in 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 last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Lemonade by 8,080.0% in 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 last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Lemonade by 58.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,182 shares of the company's stock valued at $84,000 after acquiring an additional 436 shares in the last quarter. 80.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Lemonade

In other news, insider Maya Prosor sold 1,220 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $53.17, for a total transaction 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 represents a 0.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 the firm'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 sale, the insider owned 76,942 shares of the company's stock, valued at approximately $4,043,302.10. The trade was a 12.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 21,007 shares of company stock worth $1,198,251. Corporate insiders own 12.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LMND. Morgan Stanley decreased their price objective on Lemonade from $65.00 to $56.00 and set an "equal weight" rating for the company in a report on Wednesday, August 19th. Truist Financial dropped their target price on Lemonade from $98.00 to $70.00 and set a "buy" rating on the stock in a report on Wednesday, April 29th. Keefe, Bruyette & Woods raised Lemonade from an "underperform" rating to a "market perform" rating and set a $48.00 target price on the stock in a research report on Thursday, July 30th. Piper Sandler decreased their price target on Lemonade from $75.00 to $51.00 and set a "neutral" rating for the company in a report on Thursday, July 30th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Lemonade in a report on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $64.50.

Lemonade Trading Up 1.1%

Shares of Lemonade stock opened at $54.42 on Wednesday. The business's fifty day simple moving average is $59.73 and its 200 day simple moving average is $59.51. Lemonade, Inc. has a 12 month low of $46.16 and a 12 month high of $99.90. The firm has a market capitalization of $4.21 billion, a P/E ratio of -29.74 and a beta of 1.84.

Lemonade (NYSE:LMND - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported ($0.56) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.56). The firm 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 business's revenue was up 79.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.60) EPS. Analysts predict that Lemonade, Inc. will post -1.85 EPS for the current fiscal year.

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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