Lemonade (NYSE:LMND) Posts Quarterly Earnings Results, Hits Estimates

Lemonade (NYSE:LMND) announced its quarterly earnings results on Tuesday. The company reported ($0.56) earnings per share for the quarter, meeting the consensus estimate of ($0.56), FiscalAI reports. Lemonade had a negative return on equity of 26.52% and a negative net margin of 16.44%.The firm had revenue of $294.40 million during the quarter, compared to analyst estimates of $291.01 million. During the same quarter in the previous year, the business earned ($0.60) EPS. Lemonade’s revenue for the quarter was up 79.4% compared to the same quarter last year.

Lemonade Price Performance

Shares of NYSE LMND traded down $14.23 during mid-day trading on Wednesday, hitting $47.88. The company had a trading volume of 3,451,524 shares, compared to its average volume of 2,000,852. The company has a market capitalization of $3.68 billion, a PE ratio of -25.82 and a beta of 1.79. The business’s 50-day simple moving average is $61.61 and its 200 day simple moving average is $64.10. Lemonade has a 1-year low of $35.70 and a 1-year high of $99.90.

Insider Buying and Selling at Lemonade

In other Lemonade news, insider John Sheldon Peters sold 3,608 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $52.94, for a total transaction of $191,007.52. Following the sale, the insider owned 81,386 shares in the company, valued at $4,308,574.84. This represents a 4.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 1,220 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $53.17, for a total value of $64,867.40. Following the transaction, the insider directly owned 187,573 shares of the company’s stock, valued at approximately $9,973,256.41. This represents a 0.65% decrease in their ownership of the stock. 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. Insiders have sold a total of 10,007 shares of company stock valued at $620,201 over the last three months. 12.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lemonade

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Lemonade by 8,080.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 409 shares of the company’s stock valued at $29,000 after buying an additional 404 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Lemonade in the fourth quarter valued at $33,000. NewEdge Advisors LLC acquired a new position in Lemonade in the first quarter valued at $35,000. Strive Financial Group LLC acquired a new stake in shares of Lemonade in the fourth quarter valued at approximately $38,000. Finally, Macquarie Group Ltd. acquired a new stake in Lemonade during the 4th quarter worth $63,000. 80.30% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on the company. TD Cowen restated a “hold” rating on shares of Lemonade in a report on Monday, June 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lemonade in a research note on Friday, July 17th. Citizens Jmp lowered their price target on Lemonade from $85.00 to $80.00 and set a “market outperform” rating for the company in a report on Thursday, April 30th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lemonade in a research report on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods upped their price target on Lemonade from $44.00 to $48.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 8th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $66.78.

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.