Lemonade (NYSE:LMND) Sees Unusually-High Trading Volume on Analyst Upgrade

Lemonade, Inc. (NYSE:LMND) shares saw an uptick in trading volume on Thursday after BMO Capital Markets raised their price target on the stock from $13.00 to $15.00. BMO Capital Markets currently has an underperform rating on the stock. 3,457,427 shares were traded during 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.

A number of other brokerages also recently commented on LMND. Piper Sandler boosted their price objective on shares of Lemonade from $25.00 to $44.00 and gave the company a “neutral” rating in a research report on Thursday. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price objective on shares of Lemonade in a report on Tuesday, October 15th. Morgan Stanley upgraded Lemonade from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $23.00 to $42.00 in a research report on Wednesday. Jefferies Financial Group dropped their target price on Lemonade from $15.00 to $14.00 and set an “underperform” rating on the stock in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods downgraded Lemonade from a “market perform” rating to an “underperform” rating and lifted their price target for the company from $18.00 to $21.00 in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $27.57.

Insider Buying and Selling

In related news, Director Maria Angelidis-Smith purchased 18,512 shares of Lemonade stock in a transaction dated Friday, November 8th. The stock was purchased at an average cost of $27.42 per share, with a total value of $507,599.04. Following the transaction, the director now owns 18,512 shares in the company, valued at approximately $507,599.04. The trade was a ? increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy E. Bixby sold 2,050 shares of Lemonade stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $18.24, for a total value of $37,392.00. Following the sale, the chief financial officer now directly owns 271,552 shares of the company’s stock, valued at $4,953,108.48. This trade represents a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,604 shares of company stock worth $1,655,085. 12.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lemonade

Hedge funds have recently bought and sold shares of the company. Barclays PLC increased its position in Lemonade by 292.5% in 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. Main Management ETF Advisors LLC purchased a new stake in shares of Lemonade during the 3rd quarter worth about $614,000. State Street Corp boosted its position in shares of Lemonade by 1.2% during the third quarter. State Street Corp now owns 1,233,662 shares of the company’s stock worth $20,343,000 after buying an additional 14,028 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Lemonade by 321.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,462 shares of the company’s stock valued at $74,000 after purchasing an additional 3,403 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in shares of Lemonade in the third quarter worth approximately $1,571,000. 80.30% of the stock is currently owned by institutional investors and hedge funds.

Lemonade Stock Performance

The stock has a market cap of $3.40 billion, a P/E ratio of -16.33 and a beta of 1.68. The firm has a 50 day simple moving average of $21.71 and a two-hundred day simple moving average of $19.07.

Lemonade (NYSE:LMND) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.95) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $129.10 million. During the same period in the prior year, the firm earned ($0.88) EPS. The business’s revenue was up 19.3% on a year-over-year basis. As a group, equities research analysts predict that Lemonade, Inc. will post -3.05 EPS 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.