Lemonade (NYSE:LMND) Stock Price Up 7.4% – Here’s Why

Lemonade, Inc. (NYSE:LMND)’s stock price rose 7.4% during mid-day trading on Thursday . The stock traded as high as $35.89 and last traded at $34.76. Approximately 1,126,541 shares traded hands during trading, a decline of 36% from the average daily volume of 1,762,541 shares. The stock had previously closed at $32.36.

Analysts Set New Price Targets

LMND has been the subject of several analyst reports. Piper Sandler raised their target price on Lemonade from $25.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, November 21st. JMP Securities lifted their price objective on Lemonade from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. BMO Capital Markets lifted their price objective on Lemonade from $13.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday, November 21st. Keefe, Bruyette & Woods lowered Lemonade from a “market perform” rating to an “underperform” rating and lifted their price objective for the stock from $18.00 to $21.00 in a research report on Thursday, November 7th. Finally, Morgan Stanley raised Lemonade from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $23.00 to $42.00 in a research report on Wednesday, November 20th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $32.67.

Lemonade Trading Down 2.8 %

The firm has a market capitalization of $2.58 billion, a P/E ratio of -11.88 and a beta of 2.15. The business has a 50-day moving average of $36.44 and a 200 day moving average of $28.11.

Insider Activity at Lemonade

In other Lemonade news, insider Maya Prosor sold 30,000 shares of Lemonade stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $50.00, for a total transaction of $1,500,000.00. Following the completion of the transaction, the insider now owns 29,286 shares in the company, valued at approximately $1,464,300. The trade was a 50.60 % decrease in their position. The transaction 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 dated Tuesday, November 19th. The shares were sold at an average price of $40.00, for a total value of $945,760.00. Following the transaction, the chief operating officer now owns 189,653 shares of the company’s stock, valued at $7,586,120. This trade represents a 11.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 846,945 shares of company stock valued at $37,496,684 in the last three months. Corporate insiders own 12.50% of the company’s stock.

Hedge Funds Weigh In On Lemonade

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP boosted its stake in shares of Lemonade by 300.4% in the 4th quarter. Quarry LP now owns 933 shares of the company’s stock worth $34,000 after buying an additional 700 shares during the last quarter. Avior Wealth Management LLC bought a new stake in shares of Lemonade in the 4th quarter worth approximately $40,000. Russell Investments Group Ltd. raised its holdings in shares of Lemonade by 318.8% in the 4th quarter. Russell Investments Group Ltd. now owns 1,139 shares of the company’s stock worth $42,000 after purchasing an additional 867 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Lemonade by 116.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,596 shares of the company’s stock worth $59,000 after purchasing an additional 860 shares during the period. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Lemonade in the 4th quarter worth approximately $67,000. Hedge funds and other institutional investors own 80.30% of the company’s stock.

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.