Connor Clark & Lunn Investment Management Ltd. Sells 29,085 Shares of Lemonade, Inc. (NYSE:LMND)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its position in Lemonade, Inc. by 10.6%, now holding approximately 0.34% of the stock, valued at $7.73 million.
• Several hedge funds increased their stakes in Lemonade, with Quarry LP boosting its investment by 300.4% in the fourth quarter.
• Lemonade's stock has an average target price of $30.50, receiving mostly "hold" and "underperform" ratings from analysts, with recent upgrades adjusting price targets higher.

Connor Clark & Lunn Investment Management Ltd. cut its stake in shares of Lemonade, Inc. (NYSE:LMND - Free Report) by 10.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 246,076 shares of the company's stock after selling 29,085 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.34% of Lemonade worth $7,734,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Quarry LP raised its position in shares of 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. Hollencrest Capital Management bought a new stake in shares of Lemonade in the 1st quarter valued at approximately $41,000. Russell Investments Group Ltd. increased its holdings in shares of Lemonade by 318.8% in the 4th quarter. Russell Investments Group Ltd. now owns 1,139 shares of the company's stock valued at $42,000 after acquiring an additional 867 shares during the last quarter. BNP Paribas bought a new stake in shares of Lemonade in the 4th quarter valued at approximately $57,000. Finally, US Bancorp DE increased its holdings in shares of 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 acquiring an additional 531 shares during the last quarter. 80.30% of the stock is owned by hedge funds and other institutional investors.

Lemonade Stock Down 1.7%

Shares of NYSE LMND traded down $1.02 during mid-day trading on Thursday, hitting $58.68. 3,771,709 shares of the company traded hands, compared to its average volume of 2,353,826. Lemonade, Inc. has a 1 year low of $15.27 and a 1 year high of $60.41. The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of -20.74 and a beta of 2.19. The business has a 50 day moving average of $42.30 and a two-hundred day moving average of $35.73.

Lemonade (NYSE:LMND - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping the consensus estimate 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 36.12% and a negative net margin of 33.96%. The business's revenue for the quarter was up 34.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.81) EPS. As a group, research analysts anticipate that Lemonade, Inc. will post -3.03 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on LMND shares. BMO Capital Markets boosted their price target on Lemonade from $15.00 to $23.00 and gave the company an "underperform" rating in a report on Wednesday, July 2nd. Wall Street Zen upgraded Lemonade from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Morgan Stanley restated an "underweight" rating and set 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 previously from $22.00) on shares of Lemonade in a research note on Tuesday, July 1st. Finally, Piper Sandler set a $55.00 price objective on Lemonade and gave the company a "neutral" rating in a report on Thursday. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $37.71.

Insider Activity

In other news, COO Adina Eckstein sold 5,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $49.00, for a total transaction of $245,000.00. Following the completion of the sale, the chief operating officer directly owned 189,653 shares of the company's stock, valued at $9,292,997. This trade represents a 2.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Sheldon Peters sold 6,543 shares of Lemonade stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $45.00, for a total value of $294,435.00. Following the sale, the insider owned 106,115 shares of the company's stock, valued at approximately $4,775,175. This represents a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,289 shares of company stock valued at $825,982. Company insiders own 14.70% of the company's stock.

Lemonade 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.