Shares of Lemonade, Inc. (NYSE:LMND - Get Free Report) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.00, but opened at $32.56. Lemonade shares last traded at $30.76, with a volume of 881,842 shares changing hands.
The company reported ($0.86) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.02). Lemonade had a negative net margin of 43.51% and a negative return on equity of 32.85%. Lemonade's quarterly revenue was up 27.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.67) earnings per share.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. Piper Sandler decreased their target price on Lemonade from $44.00 to $34.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Morgan Stanley cut Lemonade from an "equal weight" rating to an "underweight" rating and lowered their target price for the stock from $35.00 to $24.00 in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Lemonade from $25.00 to $22.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 22nd. Four research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $28.17.
Check Out Our Latest Analysis on Lemonade
Insiders Place Their Bets
In other Lemonade news, insider John Sheldon Peters sold 1,899 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $33.79, for a total value of $64,167.21. Following the completion of the transaction, the insider now directly owns 87,609 shares in the company, valued at $2,960,308.11. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Softbank Group Capital Ltd sold 398,215 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $30.27, for a total value of $12,053,968.05. Following the completion of the sale, the insider now directly owns 9,617,769 shares of the company's stock, valued at approximately $291,129,867.63. The trade was a 3.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,069,526 shares of company stock valued at $34,025,052 in the last quarter. 14.70% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Lemonade
A number of institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC increased its position in Lemonade by 292.5% during the third quarter. Barclays PLC now owns 87,414 shares of the company's stock worth $1,443,000 after buying an additional 65,144 shares during the last quarter. Tidal Investments LLC boosted its position in Lemonade by 4.6% during the third quarter. Tidal Investments LLC now owns 45,631 shares of the company's stock worth $752,000 after purchasing an additional 2,017 shares during the period. Johnson & White Wealth Management LLC acquired a new position in shares of Lemonade in the fourth quarter valued at $234,000. Mandatum Life Insurance Co Ltd bought a new position in shares of Lemonade in the fourth quarter valued at about $378,000. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Lemonade by 4.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 10,640 shares of the company's stock worth $390,000 after buying an additional 500 shares during the last quarter. 80.30% of the stock is owned by institutional investors.
Lemonade Price Performance
The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of -10.36 and a beta of 2.13. The company's 50-day simple moving average is $30.99 and its 200-day simple moving average is $34.03.
Lemonade Company Profile
(
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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.
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