Lemonade (NYSE:LMND) Price Target Cut to $34.00 by Analysts at Piper Sandler

Lemonade (NYSE:LMND) had its price objective cut by Piper Sandler from $44.00 to $34.00 in a research note published on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Other analysts have also recently issued reports about the company. BMO Capital Markets upped their price target on Lemonade from $13.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday, November 21st. Morgan Stanley upgraded 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 research report on Wednesday, November 20th. Keefe, Bruyette & Woods cut Lemonade from a “market perform” rating to an “underperform” rating and upped their price target for the company from $18.00 to $21.00 in a research report on Thursday, November 7th. Finally, 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. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.00.

Lemonade Trading Down 1.7 %

LMND opened at $31.44 on Wednesday. The stock’s 50 day simple moving average is $35.27 and its 200-day simple moving average is $29.18. Lemonade has a 1 year low of $14.03 and a 1 year high of $53.85. The stock has a market cap of $2.24 billion, a PE ratio of -10.34 and a beta of 2.15.

Lemonade (NYSE:LMND) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.19. Lemonade had a negative return on equity of 32.85% and a negative net margin of 43.51%. The firm had revenue of $148.80 million for the quarter, compared to analysts’ expectations of $144.78 million. Equities analysts forecast that Lemonade will post -3.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider John Sheldon Peters sold 1,790 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $45.50, for a total transaction of $81,445.00. Following the transaction, the insider now owns 88,493 shares of the company’s stock, valued at $4,026,431.50. This represents a 1.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Softbank Group Capital Ltd sold 719,815 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $44.29, for a total value of $31,880,606.35. Following the transaction, the insider now directly owns 11,263,569 shares in the company, valued at $498,863,471.01. This trade represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 769,657 shares of company stock valued at $33,868,724. 12.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lemonade

Several large investors have recently made changes to their positions in LMND. JPMorgan Chase & Co. lifted its stake in shares of Lemonade by 2,627.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,349,356 shares of the company’s stock valued at $49,494,000 after acquiring an additional 1,299,891 shares during the period. Two Sigma Investments LP bought a new stake in Lemonade in the fourth quarter valued at about $22,066,000. Voloridge Investment Management LLC bought a new stake in Lemonade in the fourth quarter valued at about $21,310,000. Two Sigma Advisers LP bought a new stake in Lemonade in the fourth quarter valued at about $15,412,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Lemonade by 402.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 275,161 shares of the company’s stock valued at $10,093,000 after purchasing an additional 220,399 shares during the last quarter. Institutional investors and hedge funds own 80.30% of the company’s stock.

About Lemonade

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.