Lemonade, Inc. (NYSE:LMND) Stock Has Average Target Price of $64.50 According to Brokerages

Lemonade, Inc. (NYSE:LMND) has been assigned an average rating of “Hold” from the nine brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $63.50.

LMND has been the topic of several recent research reports. Piper Sandler reduced their target price on shares of Lemonade from $75.00 to $51.00 and set a “neutral” rating on the stock in a report on Thursday, July 30th. Morgan Stanley lowered their price target on Lemonade from $56.00 to $48.00 and set an “equal weight” rating for the company in a report on Tuesday. Keefe, Bruyette & Woods raised Lemonade from an “underperform” rating to a “market perform” rating and set a $48.00 price objective on the stock in a research report on Thursday, July 30th. Wall Street Zen upgraded Lemonade from a “sell” rating to a “hold” rating in a research note on Saturday, September 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Lemonade in a research note on Friday, July 17th.

Lemonade Stock Performance

LMND opened at $46.16 on Friday. Lemonade has a 1 year low of $43.28 and a 1 year high of $99.90. The firm has a 50 day moving average price of $50.12 and a 200 day moving average price of $57.30. The company has a market cap of $3.57 billion, a PE ratio of -25.22 and a beta of 1.87.

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

Insider Activity

In other Lemonade news, insider John Peters sold 2,249 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $54.45, for a total value of $122,458.05. Following the completion of the transaction, the insider owned 73,834 shares in the company, valued at $4,020,261.30. This represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 that occurred on Thursday, September 3rd. The shares were sold at an average price of $54.63, for a total transaction of $56,815.20. Following the completion of the sale, the insider directly owned 186,533 shares of the company’s stock, valued at $10,190,297.79. This trade represents a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 15,148 shares of company stock worth $804,250. Company insiders own 12.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LMND. BlackRock Inc. purchased a new position in Lemonade in the 2nd quarter valued at about $393,408,000. Bank of New York Mellon Corp acquired a new stake in shares of Lemonade during the second quarter valued at about $13,861,000. Canada Pension Plan Investment Board purchased a new stake in shares of Lemonade during the second quarter worth about $13,550,000. Bank of America Corp DE purchased a new stake in shares of Lemonade during the second quarter worth about $11,569,000. Finally, Man Group plc acquired a new position in shares of Lemonade in the second quarter worth about $8,864,000. 80.30% of the stock is owned by institutional investors and hedge funds.

About Lemonade

Lemonade, Inc is a technology-driven insurance company that offers insurance products through mobile applications and online platforms. Its business uses artificial intelligence, automation and behavioral economics to simplify policy purchases, claims processing and customer service.

The company provides renters, homeowners, car, pet and term life insurance, with product availability varying by location. Lemonade’s digital platform is designed to allow customers to obtain quotes, manage policies and submit claims without relying primarily on traditional insurance agents.

Founded in 2015 by Daniel Schreiber and Shai Wininger, Lemonade initially focused on renters insurance before expanding into additional insurance categories.