Lemonade (NYSE:LMND) Sets New 12-Month High After Analyst Upgrade

Shares of Lemonade, Inc. (NYSE:LMND) reached a new 52-week high during mid-day trading on Friday after Piper Sandler raised their price target on the stock from $18.00 to $25.00. Piper Sandler currently has a neutral rating on the stock. Lemonade traded as high as $25.59 and last traded at $24.85, with a volume of 845028 shares. The stock had previously closed at $23.77.

Several other analysts have also recently issued reports on the stock. Jefferies Financial Group cut their price target 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. JMP Securities reiterated a “market outperform” rating and issued a $40.00 price target on shares of Lemonade in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Lemonade currently has a consensus rating of “Hold” and a consensus target price of $21.33.

Insider Activity

In related news, CFO Timothy E. Bixby sold 2,050 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $18.24, for a total transaction of $37,392.00. Following the completion of the transaction, the chief financial officer now directly owns 271,552 shares in the company, valued at $4,953,108.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 12.50% of the company’s stock.

Hedge Funds Weigh In On Lemonade

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP acquired a new stake in shares of Lemonade in the 2nd quarter worth approximately $14,181,000. General Equity Holdings LP bought a new stake in shares of Lemonade in the 2nd quarter worth $5,198,000. GSA Capital Partners LLP acquired a new stake in Lemonade in the 1st quarter valued at about $3,100,000. Millennium Management LLC grew its position in Lemonade by 388.7% in the second quarter. Millennium Management LLC now owns 165,689 shares of the company’s stock worth $2,734,000 after buying an additional 131,784 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Lemonade by 8.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 112,938 shares of the company’s stock worth $1,853,000 after purchasing an additional 9,107 shares during the period. 80.30% of the stock is currently owned by institutional investors and hedge funds.

Lemonade Trading Up 1.6 %

The stock has a market cap of $1.72 billion, a price-to-earnings ratio of -7.94 and a beta of 1.77. The company has a fifty day simple moving average of $18.11 and a 200-day simple moving average of $17.69.

Lemonade (NYSE:LMND) last announced 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 net margin of 43.51% and a negative return on equity of 31.86%. The company had revenue of $136.60 million for the quarter, compared to the consensus estimate of $129.10 million. During the same period in the previous year, the business earned ($0.88) EPS. The company’s revenue was up 19.3% on a year-over-year basis. As a group, analysts anticipate that Lemonade, Inc. will post -3.04 earnings per share for the current year.

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.