Lemonade (NYSE:LMND) Stock Price Up 5% – Still a Buy?

Lemonade, Inc. (NYSE:LMND)’s stock price was up 5% during mid-day trading on Thursday . The stock traded as high as $33.65 and last traded at $33.42. Approximately 450,025 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 1,925,846 shares. The stock had previously closed at $31.83.

Analysts Set New Price Targets

LMND has been the subject of a number of recent analyst reports. JMP Securities raised their price objective on Lemonade from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd. Jefferies Financial Group reduced their price objective on shares of Lemonade from $15.00 to $14.00 and set an “underperform” rating for the company in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods lowered shares of Lemonade from a “market perform” rating to an “underperform” rating and increased their price objective for the company from $18.00 to $21.00 in a research report on Thursday, November 7th. Morgan Stanley raised shares of Lemonade from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $23.00 to $42.00 in a report on Wednesday, November 20th. Finally, Piper Sandler upped their price target on shares of Lemonade from $25.00 to $44.00 and gave the company a “neutral” rating in a research note on Thursday, November 21st. Three equities 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $32.67.

Lemonade Price Performance

The stock’s 50-day moving average price is $39.93 and its 200-day moving average price is $26.00. The company has a market cap of $2.35 billion, a P/E ratio of -10.75 and a beta of 2.17.

Lemonade (NYSE:LMND) last announced its earnings results on Wednesday, October 30th. The company reported ($0.95) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $129.10 million. During the same quarter in the prior year, the business posted ($0.88) EPS. The business’s revenue was up 19.3% compared to the same quarter last year. As a group, analysts expect that Lemonade, Inc. will post -3.04 EPS for the current fiscal year.

Insider Buying and Selling at Lemonade

In other news, Director Maria Angelidis-Smith acquired 15,042 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were acquired at an average cost of $33.23 per share, with a total value of $499,845.66. Following the completion of the purchase, the director now directly owns 33,554 shares of the company’s stock, valued at $1,114,999.42. The trade was a 81.26 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Adina Eckstein sold 23,644 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $40.00, for a total transaction of $945,760.00. Following the transaction, the chief operating officer now owns 189,653 shares of the company’s stock, valued at approximately $7,586,120. This represents a 11.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 900,499 shares of company stock valued at $39,114,376 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. Marshall Wace LLP acquired a new stake in Lemonade during the 2nd quarter worth approximately $14,181,000. General Equity Holdings LP acquired a new position in shares of Lemonade during the second quarter worth $5,198,000. FMR LLC grew its stake in shares of Lemonade by 93.0% in the third quarter. FMR LLC now owns 318,321 shares of the company’s stock worth $5,249,000 after purchasing an additional 153,362 shares during the last quarter. Millennium Management LLC increased its holdings in Lemonade by 388.7% in the second quarter. Millennium Management LLC now owns 165,689 shares of the company’s stock valued at $2,734,000 after purchasing an additional 131,784 shares during the period. Finally, Verition Fund Management LLC bought a new position in Lemonade during the 3rd quarter worth $1,571,000. 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.