Lemonade (NYSE:LMND) Stock Gets Price Target Cut from Piper Sandler

Lemonade (NYSE:LMND) had its price target decreased by research analysts at Piper Sandler from $51.00 to $47.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler‘s price objective would indicate a potential upside of 13.68% from the company’s previous close.

LMND has been the topic of a number of other reports. Morgan Stanley dropped their target price on shares of Lemonade from $56.00 to $48.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 6th. Keefe, Bruyette & Woods upgraded shares of Lemonade from an “underperform” rating to a “market perform” rating and set a $48.00 target price for the company in a report on Thursday, July 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Lemonade in a report on Thursday, October 15th. Finally, Wall Street Zen upgraded shares of Lemonade from a “sell” rating to a “hold” rating in a research report on Saturday, September 19th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $63.00.

Lemonade Price Performance

NYSE LMND opened at $41.34 on Friday. Lemonade has a 12 month low of $39.60 and a 12 month high of $99.90. The firm has a market capitalization of $3.20 billion, a PE ratio of -22.59 and a beta of 1.98. The company’s 50 day simple moving average is $46.94 and its 200 day simple moving average is $57.89.

Lemonade (NYSE:LMND) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.56) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.02. The firm had revenue of $336.10 million during the quarter, compared to analyst estimates of $322.74 million. Lemonade had a negative return on equity of 26.78% and a negative net margin of 14.19%. The firm’s quarterly revenue was up 72.8% on a year-over-year basis. During the same period last year, the company posted ($0.51) EPS. Sell-side analysts anticipate that Lemonade will post -1.83 earnings per share for the current fiscal year.

Insider Activity

In other news, insider John Peters sold 11,000 shares of Lemonade stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $52.55, for a total value of $578,050.00. Following the transaction, the insider directly owned 76,942 shares of the company’s stock, valued at $4,043,302.10. This trade represents a 12.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Maya Prosor sold 1,040 shares of the company’s 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 owned 186,533 shares of the company’s stock, valued at approximately $10,190,297.79. This trade represents a 0.55% decrease in their position. 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. Over the last quarter, insiders sold 15,148 shares of company stock valued at $804,250. Corporate insiders own 12.20% of the company’s stock.

Institutional Trading of Lemonade

Several hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Bancorp lifted its holdings in Lemonade by 106.4% in the 3rd quarter. Fifth Third Bancorp now owns 55,353 shares of the company’s stock worth $2,499,000 after purchasing an additional 28,531 shares during the last quarter. Fulcrum Asset Management LLP acquired a new position in Lemonade during the third quarter valued at approximately $266,000. Commonwealth Equity Services LLC grew its holdings in Lemonade by 12.2% during the third quarter. Commonwealth Equity Services LLC now owns 14,940 shares of the company’s stock valued at $674,000 after purchasing an additional 1,626 shares during the last quarter. Ascent Wealth Partners LLC grew its holdings in Lemonade by 11.8% during the third quarter. Ascent Wealth Partners LLC now owns 5,786 shares of the company’s stock valued at $261,000 after purchasing an additional 612 shares during the last quarter. Finally, Sterling Capital Management LLC raised its position in shares of Lemonade by 838.3% in the third quarter. Sterling Capital Management LLC now owns 2,374 shares of the company’s stock valued at $107,000 after purchasing an additional 2,121 shares during the period. Institutional investors and hedge funds own 80.30% of the company’s stock.

Key Lemonade News

Here are the key news stories impacting Lemonade this week:

• Positive Sentiment: Q3 revenue rose 72.8% year over year to $336.1 million, topping the $322.7 million consensus estimate. The loss of $0.56 per share was also narrower than the $0.58 loss analysts expected. Read More.
• Positive Sentiment: Lemonade forecast Q4 revenue of $342 million to $346 million, above the $341.1 million FactSet estimate, pointing to continued growth. Read More.
• Positive Sentiment: The company completed nationwide availability of renters insurance by launching in Minnesota, expanding the reach of its first product offered in all 50 states and Washington, D.C. Read More.
• Negative Sentiment: Despite the earnings and revenue beats, LMND shares came under pressure after the report. The quarterly loss per share widened from $0.51 a year earlier, while coverage highlighted rising expense headwinds and continued negative profitability as investor concerns. Read More. · Read More.

About Lemonade

Lemonade, Inc is a technology-driven insurance company that offers insurance products through digital platforms, including its mobile application and website. The company uses artificial intelligence, automation and data analytics to support policy purchasing, customer service and claims processing.

Lemonade’s product offerings include renters, homeowners, car, pet and term life insurance. Coverage and product availability vary by jurisdiction, and some policies are provided through regulated insurance subsidiaries or underwritten in partnership with other insurers.

Founded in 2015 by Daniel Schreiber and Shai Wininger, Lemonade serves customers in the United States and selected European markets, including Germany, the Netherlands, France and the United Kingdom.