Keefe, Bruyette & Woods upgraded shares of Lemonade (NYSE:LMND – Free Report) from an underperform rating to a market perform rating in a research report sent to investors on Thursday, MarketBeat Ratings reports. Keefe, Bruyette & Woods currently has $48.00 target price on the stock.
A number of other analysts also recently commented on LMND. TD Cowen restated a “hold” rating on shares of Lemonade in a research note on Monday, June 8th. Truist Financial reduced their price target on Lemonade from $98.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Piper Sandler lifted their price target on Lemonade from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lemonade in a report on Tuesday, May 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Lemonade in a research report on Friday, July 17th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $64.11.
Check Out Our Latest Research Report on Lemonade
Lemonade Price Performance
Lemonade (NYSE:LMND – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.56) earnings per share for the quarter, hitting the consensus estimate of ($0.56). The company had revenue of $294.40 million for the quarter, compared to the consensus estimate of $291.01 million. Lemonade had a negative return on equity of 26.48% and a negative net margin of 14.19%.The firm’s revenue for the quarter was up 79.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.60) EPS. Research analysts expect that Lemonade will post -1.75 earnings per share for the current year.
Insider Activity
In other news, insider John Sheldon Peters sold 3,444 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $79.00, for a total transaction of $272,076.00. Following the completion of the sale, the insider owned 77,942 shares of the company’s stock, valued at $6,157,418. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Maya Prosor sold 1,220 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $53.17, for a total transaction of $64,867.40. Following the transaction, the insider owned 187,573 shares of the company’s stock, valued at approximately $9,973,256.41. This trade represents a 0.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 10,007 shares of company stock worth $620,201. Company insiders own 12.20% of the company’s stock.
Institutional Investors Weigh In On Lemonade
Large investors have recently bought and sold shares of the company. Handelsbanken Fonder AB lifted its position in shares of Lemonade by 12.4% in the second quarter. Handelsbanken Fonder AB now owns 20,800 shares of the company’s stock valued at $1,353,000 after acquiring an additional 2,300 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Lemonade by 52.1% in the first quarter. Bank of America Corp DE now owns 360,411 shares of the company’s stock worth $22,591,000 after acquiring an additional 123,484 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Lemonade during the first quarter worth approximately $814,000. California State Teachers Retirement System increased its position in shares of Lemonade by 22.5% during the first quarter. California State Teachers Retirement System now owns 72,887 shares of the company’s stock worth $4,569,000 after purchasing an additional 13,411 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in Lemonade by 148.5% in the 1st quarter. Royal Bank of Canada now owns 31,328 shares of the company’s stock valued at $1,964,000 after purchasing an additional 18,721 shares during the last quarter. 80.30% of the stock is currently owned by hedge funds and other institutional investors.
About Lemonade
Lemonade, Inc (NYSE: LMND) is a New York–based technology-driven insurance carrier that leverages artificial intelligence and behavioral economics to streamline the purchase and management of policies. Founded in 2015, the company offers renters, homeowners, pet, term life and car insurance products tailored for digitally savvy consumers. By automating underwriting and claims processing through chatbots and machine learning, Lemonade aims to deliver a more transparent and user-friendly experience than traditional insurers.
The company’s product suite includes standalone policies for renters and homeowners, customizable pet insurance plans, and term life coverage with simple online applications.
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