Lemonade (NYSE:LMND) Sees Strong Trading Volume After Analyst Upgrade

Shares of Lemonade, Inc. (NYSE:LMND) saw strong trading volume on Thursday after JMP Securities raised their price target on the stock from $40.00 to $60.00. JMP Securities currently has a market outperform rating on the stock. 3,457,427 shares changed hands during mid-day trading, an increase of 100% from the previous session’s volume of 1,728,911 shares.The stock last traded at $49.65 and had previously closed at $46.58.

Several other brokerages have also recently commented on LMND. Jefferies Financial Group lowered their target price on shares of Lemonade from $15.00 to $14.00 and set an “underperform” rating on the stock in a report on Wednesday, October 9th. BMO Capital Markets increased their price target on Lemonade from $13.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday. Keefe, Bruyette & Woods cut Lemonade from a “market perform” rating to an “underperform” rating and lifted their price objective for the company from $18.00 to $21.00 in a report on Thursday, November 7th. Morgan Stanley raised Lemonade from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $23.00 to $42.00 in a report on Wednesday. Finally, Piper Sandler boosted their price target on Lemonade from $25.00 to $44.00 and gave the company a “neutral” rating in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.43.

Insider Activity

In related news, CFO Timothy E. Bixby sold 2,050 shares of Lemonade stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $18.24, for a total value of $37,392.00. Following the completion of the sale, the chief financial officer now owns 271,552 shares of the company’s stock, valued at approximately $4,953,108.48. This trade represents a 0.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Maria Angelidis-Smith acquired 15,042 shares of the stock in a transaction on Wednesday, November 13th. The shares were acquired at an average price of $33.23 per share, for a total transaction of $499,845.66. Following the acquisition, the director now owns 33,554 shares of the company’s stock, valued at approximately $1,114,999.42. The trade was a 81.26 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 102,892 shares of company stock worth $3,783,045. Company insiders own 12.50% of the company’s stock.

Hedge Funds Weigh In On Lemonade

Several large investors have recently bought and sold shares of the stock. Axiom Advisory LLC lifted its position in shares of Lemonade by 1.6% during the third quarter. Axiom Advisory LLC now owns 54,400 shares of the company’s stock valued at $897,000 after purchasing an additional 850 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Lemonade by 220.0% in the 3rd quarter. Blue Trust Inc. now owns 2,733 shares of the company’s stock worth $45,000 after buying an additional 1,879 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Lemonade by 12.1% in the second quarter. Van ECK Associates Corp now owns 17,774 shares of the company’s stock valued at $293,000 after acquiring an additional 1,915 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Lemonade by 9.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,609 shares of the company’s stock valued at $404,000 after acquiring an additional 2,196 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Lemonade by 9.7% during the second quarter. The Manufacturers Life Insurance Company now owns 29,194 shares of the company’s stock worth $482,000 after acquiring an additional 2,582 shares during the period. 80.30% of the stock is currently owned by institutional investors.

Lemonade Stock Down 2.1 %

The firm has a market cap of $3.52 billion, a PE ratio of -16.21 and a beta of 1.68. The company has a 50-day simple moving average of $22.98 and a two-hundred day simple moving average of $19.51.

Lemonade (NYSE:LMND) last issued its earnings results on Wednesday, October 30th. The company reported ($0.95) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.02) by $0.07. Lemonade had a negative return on equity of 32.85% and a negative net margin of 43.51%. The firm had revenue of $136.60 million for the quarter, compared to analyst estimates of $129.10 million. During the same period in the previous year, the company posted ($0.88) earnings per share. The business’s revenue was up 19.3% on a year-over-year basis. As a group, equities analysts predict that Lemonade, Inc. will post -3.05 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.