Lemonade (NYSE:LMND) Raised to Hold at Wall Street Zen

Lemonade (NYSE:LMND) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

Several other research firms also recently issued reports on LMND. Morgan Stanley cut their price objective on shares of Lemonade from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 19th. TD Cowen reiterated a “hold” rating on shares of Lemonade in a research note on Monday, June 8th. Piper Sandler dropped their target price on shares of Lemonade from $75.00 to $51.00 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. Keefe, Bruyette & Woods upgraded shares of Lemonade from an “underperform” rating to a “market perform” rating and set a $48.00 price target on the stock in a research note on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lemonade in a report on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $64.50.

Lemonade Price Performance

Shares of LMND stock opened at $47.07 on Friday. The stock’s fifty day moving average price is $54.77 and its 200 day moving average price is $58.20. Lemonade has a 1-year low of $46.16 and a 1-year high of $99.90. The company has a market cap of $3.64 billion, a price-to-earnings ratio of -25.72 and a beta of 1.87.

Lemonade (NYSE:LMND) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($0.56) EPS for the quarter, meeting analysts’ consensus estimates of ($0.56). The company had revenue of $294.40 million during the quarter, compared to analysts’ expectations of $291.01 million. Lemonade had a negative return on equity of 26.78% and a negative net margin of 14.19%.The firm’s revenue was up 79.4% compared to the same quarter last year. During the same period last year, the business posted ($0.60) earnings per share. As a group, equities research analysts anticipate that Lemonade will post -1.85 earnings per share for the current year.

Insider Activity at Lemonade

In related news, insider John Peters sold 2,249 shares of the business’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $54.45, for a total value of $122,458.05. Following the completion of the transaction, the insider directly owned 73,834 shares in the company, valued at $4,020,261.30. The trade was a 2.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Maya Prosor sold 1,040 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $54.63, for a total transaction of $56,815.20. Following the sale, the insider directly owned 186,533 shares in the company, valued at $10,190,297.79. This trade represents a 0.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 18,592 shares of company stock worth $1,076,326. Insiders own 12.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Lemonade during the 2nd quarter worth about $393,408,000. Geode Capital Management LLC increased its stake in shares of Lemonade by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 1,438,358 shares of the company’s stock valued at $102,400,000 after purchasing an additional 67,562 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Lemonade by 52.1% in the 1st quarter. Bank of America Corp DE now owns 360,411 shares of the company’s stock valued at $22,591,000 after purchasing an additional 123,484 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Lemonade in the 2nd quarter valued at about $13,861,000. Finally, Canada Pension Plan Investment Board acquired a new position in Lemonade in the 2nd quarter worth about $13,550,000. Hedge funds and other institutional investors own 80.30% of the company’s stock.

Lemonade Company Profile

Lemonade, Inc is a technology-driven insurance company that offers digital insurance products through its website and mobile applications. Its platform uses automation, artificial intelligence and behavioral economics to streamline policy applications, claims processing and customer service.

The company provides renters, homeowners, pet, term life and automobile insurance. Product availability varies by location, and Lemonade distributes its offerings through regulated insurance entities and licensed partners.