Lemonade (NYSE:LMND) Shares Gap Up – What’s Next?

Lemonade, Inc. (NYSE:LMND) gapped up before the market opened on Tuesday . The stock had previously closed at $36.12, but opened at $38.00. Lemonade shares last traded at $40.83, with a volume of 844,010 shares trading hands.

Analyst Ratings Changes

Several brokerages recently commented on LMND. Keefe, Bruyette & Woods cut Lemonade from a “market perform” rating to an “underperform” rating and boosted their target price for the stock from $18.00 to $21.00 in a report on Thursday, November 7th. JMP Securities boosted their price objective on Lemonade from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. BMO Capital Markets raised their target price on Lemonade from $13.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 21st. Piper Sandler lifted their target price on Lemonade from $25.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday, November 21st. Finally, Morgan Stanley raised shares of Lemonade from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $23.00 to $42.00 in a report on Wednesday, November 20th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $32.67.

Lemonade Stock Up 6.3 %

The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -12.63 and a beta of 2.15. The business has a 50-day moving average price of $36.21 and a 200-day moving average price of $28.51.

Insider Buying and Selling at Lemonade

In other news, major shareholder Softbank Group Capital Ltd sold 719,815 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $44.29, for a total value of $31,880,606.35. Following the completion of the sale, the insider now owns 11,263,569 shares in the company, valued at $498,863,471.01. This represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Maya Prosor sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $50.00, for a total value of $1,500,000.00. Following the completion of the sale, the insider now directly owns 29,286 shares of the company’s stock, valued at approximately $1,464,300. This trade represents a 50.60 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 823,301 shares of company stock valued at $36,550,924. 12.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in shares of Lemonade by 2,627.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,349,356 shares of the company’s stock valued at $49,494,000 after buying an additional 1,299,891 shares during the period. Two Sigma Investments LP purchased a new stake in shares of Lemonade during the fourth quarter worth $22,066,000. Voloridge Investment Management LLC acquired a new stake in Lemonade during the fourth quarter valued at $21,310,000. Two Sigma Advisers LP purchased a new position in Lemonade in the fourth quarter valued at about $15,412,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Lemonade by 402.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 275,161 shares of the company’s stock worth $10,093,000 after purchasing an additional 220,399 shares during the last quarter. 80.30% of the stock is owned by hedge funds and other institutional investors.

Lemonade Company Profile

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.