Lemonade (NYSE:LMND) Cut to Underweight at Morgan Stanley

Morgan Stanley downgraded shares of Lemonade (NYSE:LMND - Free Report) from an equal weight rating to an underweight rating in a research note issued to investors on Tuesday morning, MarketBeat reports. The firm currently has $24.00 price target on the stock, down from their previous price target of $35.00.

Separately, Piper Sandler reduced their target price on shares of Lemonade from $44.00 to $34.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Four equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $28.00.

Lemonade Stock Performance

Shares of NYSE LMND traded up $0.22 during mid-day trading on Tuesday, reaching $26.33. The company had a trading volume of 1,253,438 shares, compared to its average volume of 1,930,917. Lemonade has a twelve month low of $14.03 and a twelve month high of $53.85. The stock's 50 day moving average is $33.51 and its 200-day moving average is $32.65. The stock has a market capitalization of $1.92 billion, a PE ratio of -8.66 and a beta of 2.13.

Lemonade (NYSE:LMND - Get Free Report) last issued its earnings results on Tuesday, February 25th. The company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.61) by $0.19. The company had revenue of $148.80 million for the quarter, compared to analyst estimates of $144.78 million. Lemonade had a negative return on equity of 32.85% and a negative net margin of 43.51%. On average, sell-side analysts anticipate that Lemonade will post -3.03 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Softbank Group Capital Ltd sold 42,160 shares of Lemonade stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $37.22, for a total value of $1,569,195.20. Following the transaction, the insider now owns 10,452,476 shares in the company, valued at $389,041,156.72. This trade represents a 0.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Sheldon Peters sold 1,899 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $33.79, for a total transaction of $64,167.21. Following the sale, the insider now owns 87,609 shares of the company's stock, valued at $2,960,308.11. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 248,634 shares of company stock worth $9,219,003. 12.50% of the stock is currently owned by insiders.

Institutional Trading of Lemonade

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp boosted its position in shares of Lemonade by 6.8% in the fourth quarter. Jones Financial Companies Lllp now owns 5,870 shares of the company's stock valued at $215,000 after acquiring an additional 375 shares during the period. Summit Investment Advisors Inc. raised its stake in Lemonade by 8.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,463 shares of the company's stock valued at $200,000 after purchasing an additional 423 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Lemonade by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 151,186 shares of the company's stock valued at $5,545,000 after purchasing an additional 442 shares during the period. Nisa Investment Advisors LLC grew its position in Lemonade by 4.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 10,640 shares of the company's stock worth $390,000 after purchasing an additional 500 shares during the last quarter. Finally, Quarry LP grew its position in Lemonade by 300.4% in the 4th quarter. Quarry LP now owns 933 shares of the company's stock worth $34,000 after purchasing an additional 700 shares during the last quarter. Institutional investors and hedge funds own 80.30% of the company's stock.

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.