Lemonade (NYSE:LMND) Shares Gap Up After Insider Buying Activity

Shares of Lemonade, Inc. (NYSE:LMND) gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $14.89, but opened at $15.43. Lemonade shares last traded at $15.48, with a volume of 132,288 shares trading hands.

Specifically, CFO Timothy E. Bixby acquired 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average price of $15.51 per share, with a total value of $232,650.00. Following the completion of the purchase, the chief financial officer now directly owns 25,000 shares of the company’s stock, valued at approximately $387,750. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Timothy E. Bixby sold 2,077 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $16.03, for a total value of $33,294.31. Following the transaction, the chief financial officer now directly owns 273,602 shares in the company, valued at $4,385,840.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Timothy E. Bixby acquired 15,000 shares of the stock in a transaction dated Thursday, June 13th. The stock was acquired at an average price of $15.51 per share, for a total transaction of $232,650.00. Following the completion of the transaction, the chief financial officer now directly owns 25,000 shares of the company’s stock, valued at $387,750. The disclosure for this purchase can be found here. 12.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on LMND. Jefferies Financial Group boosted their target price on Lemonade from $14.00 to $16.00 and gave the stock an “underperform” rating in a research report on Tuesday, May 7th. JMP Securities reissued a “market outperform” rating and set a $40.00 price objective on shares of Lemonade in a research note on Monday, April 15th. Piper Sandler boosted their price objective on Lemonade from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Keefe, Bruyette & Woods boosted their price objective on Lemonade from $16.00 to $18.00 and gave the stock a “market perform” rating in a research note on Monday, March 4th. Finally, Morgan Stanley boosted their price objective on Lemonade from $13.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 28th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Lemonade presently has a consensus rating of “Hold” and an average price target of $18.86.

Lemonade Price Performance

The stock has a 50-day moving average of $16.76 and a 200 day moving average of $16.89.

Lemonade (NYSE:LMND) last announced its quarterly earnings results on Tuesday, April 30th. The company reported ($0.67) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.14. Lemonade had a negative return on equity of 30.30% and a negative net margin of 48.14%. The company had revenue of $119.10 million during the quarter, compared to the consensus estimate of $114.13 million. During the same period in the previous year, the company posted ($0.95) earnings per share. Lemonade’s revenue for the quarter was up 25.1% on a year-over-year basis. As a group, equities analysts expect that Lemonade, Inc. will post -2.94 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its stake in Lemonade by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 459,824 shares of the company’s stock valued at $7,417,000 after purchasing an additional 6,809 shares during the last quarter. Halter Ferguson Financial Inc. purchased a new position in shares of Lemonade during the 4th quarter worth $6,429,000. GSA Capital Partners LLP acquired a new stake in shares of Lemonade during the first quarter valued at about $3,100,000. Swiss National Bank raised its stake in shares of Lemonade by 1.2% in the 3rd quarter. Swiss National Bank now owns 114,500 shares of the company’s stock valued at $1,330,000 after acquiring an additional 1,400 shares during the period. Finally, Exchange Traded Concepts LLC raised its stake in shares of Lemonade by 14.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 114,013 shares of the company’s stock valued at $1,839,000 after acquiring an additional 14,745 shares during the period. 80.30% of the stock is owned by institutional investors and hedge funds.

About Lemonade

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.