Lemonade (NYSE:LMND) Trading Down 4.2% on Insider Selling

Lemonade, Inc. (NYSE:LMND) shares were down 4.2% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $48.11 and last traded at $48.27. Approximately 747,549 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 1,753,032 shares. The stock had previously closed at $50.36.

Specifically, COO Adina Eckstein sold 23,644 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $50.00, for a total value of $1,182,200.00. Following the completion of the sale, the chief operating officer now owns 189,653 shares of the company’s stock, valued at approximately $9,482,650. This represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Adina Eckstein sold 23,644 shares of Lemonade stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $40.00, for a total transaction of $945,760.00. Following the transaction, the chief operating officer now directly owns 189,653 shares in the company, valued at approximately $7,586,120. This represents a 11.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, Director Maria Angelidis-Smith sold 33,554 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $30.33, for a total value of $1,017,692.82. Following the completion of the sale, the director now owns 40,916 shares in the company, valued at $1,240,982.28. This represents a 45.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

A number of research analysts have issued reports on LMND shares. Morgan Stanley raised Lemonade from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $23.00 to $42.00 in a research note on Wednesday. Keefe, Bruyette & Woods lowered Lemonade from a “market perform” rating to an “underperform” rating and boosted their price objective for the company from $18.00 to $21.00 in a research report on Thursday, November 7th. BMO Capital Markets raised their target price on shares of Lemonade from $13.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday. Jefferies Financial Group reduced their price target on shares of Lemonade from $15.00 to $14.00 and set an “underperform” rating for the company in a report on Wednesday, October 9th. Finally, Piper Sandler raised their price objective on shares of Lemonade from $25.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $30.43.

Lemonade Trading Down 2.1 %

The firm’s 50 day moving average price is $22.98 and its two-hundred day moving average price is $19.52. The company has a market capitalization of $3.52 billion, a P/E ratio of -16.21 and a beta of 1.68.

Lemonade (NYSE:LMND) last released its earnings results on Wednesday, October 30th. The company reported ($0.95) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.02) by $0.07. Lemonade had a negative net margin of 43.51% and a negative return on equity of 32.85%. The business had revenue of $136.60 million during the quarter, compared to the consensus estimate of $129.10 million. During the same quarter last year, the firm earned ($0.88) earnings per share. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. Analysts anticipate that Lemonade, Inc. will post -3.05 earnings per share for the current fiscal year.

Institutional Trading of Lemonade

Hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP bought a new position in Lemonade in the second quarter valued at approximately $14,181,000. General Equity Holdings LP bought a new position in shares of Lemonade in the second quarter valued at $5,198,000. FMR LLC increased its holdings in Lemonade by 93.0% during the third quarter. FMR LLC now owns 318,321 shares of the company’s stock worth $5,249,000 after buying an additional 153,362 shares during the last quarter. Millennium Management LLC raised its position in Lemonade by 388.7% during the second quarter. Millennium Management LLC now owns 165,689 shares of the company’s stock worth $2,734,000 after acquiring an additional 131,784 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in Lemonade during the third quarter worth $1,571,000. Institutional investors and hedge funds own 80.30% of the company’s stock.

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.