Piper Sandler Lowers Lemonade (NYSE:LMND) Price Target to $34.00

Lemonade (NYSE:LMND) had its price target cut by analysts at Piper Sandler from $44.00 to $34.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential upside of 8.16% from the company’s previous close.

A number of other research firms also recently weighed in on LMND. BMO Capital Markets lifted their price target on shares of Lemonade from $13.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday, November 21st. JMP Securities increased their target price on Lemonade from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd. Morgan Stanley upgraded Lemonade from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $23.00 to $42.00 in a report on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods downgraded Lemonade from a “market perform” rating to an “underperform” rating and lifted their target price for the stock from $18.00 to $21.00 in a report on Thursday, November 7th. Three investment 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, Lemonade currently has an average rating of “Hold” and an average price target of $31.00.

Lemonade Stock Down 1.7 %

Shares of Lemonade stock opened at $31.44 on Wednesday. The stock has a market cap of $2.24 billion, a P/E ratio of -10.34 and a beta of 2.15. The business’s 50 day moving average is $35.27 and its 200-day moving average is $29.18. Lemonade has a 12-month low of $14.03 and a 12-month high of $53.85.

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

Insider Activity

In related news, Director Michael A. Eisenberg sold 12,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $40.15, for a total transaction of $481,800.00. Following the transaction, the director now directly owns 94,670 shares of the company’s stock, valued at $3,801,000.50. This represents a 11.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Softbank Group Capital Ltd sold 7,067 shares of Lemonade stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $43.02, for a total transaction of $304,022.34. Following the completion of the sale, the insider now directly owns 10,699,211 shares of the company’s stock, valued at approximately $460,280,057.22. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 769,657 shares of company stock valued at $33,868,724 in the last ninety days. 12.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lemonade

Several large investors have recently bought and sold shares of LMND. Quarry LP raised its holdings in shares of Lemonade by 300.4% in the fourth quarter. Quarry LP now owns 933 shares of the company’s stock valued at $34,000 after purchasing an additional 700 shares during the last quarter. Avior Wealth Management LLC purchased a new stake in Lemonade in the 4th quarter valued at about $40,000. Russell Investments Group Ltd. increased its stake in Lemonade by 318.8% in the 4th quarter. Russell Investments Group Ltd. now owns 1,139 shares of the company’s stock valued at $42,000 after buying an additional 867 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Lemonade by 220.0% during the 3rd quarter. Blue Trust Inc. now owns 2,733 shares of the company’s stock worth $45,000 after buying an additional 1,879 shares in the last quarter. Finally, BNP Paribas purchased a new position in shares of Lemonade in the 4th quarter worth approximately $57,000. 80.30% of the stock is currently owned by 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.