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

Lemonade (NYSE:LMND) had its price objective trimmed by 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.

LMND has been the subject of a number of other reports. BMO Capital Markets boosted their target price on shares of Lemonade from $13.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 21st. Morgan Stanley raised Lemonade from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $23.00 to $42.00 in a report on Wednesday, November 20th. JMP Securities boosted their price target on Lemonade from $40.00 to $60.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Finally, Keefe, Bruyette & Woods lowered shares of 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. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Lemonade presently has a consensus rating of “Hold” and an average price target of $31.00.

Lemonade Price Performance

LMND stock opened at $36.17 on Wednesday. The stock has a market capitalization of $2.58 billion, a P/E ratio of -11.90 and a beta of 2.15. Lemonade has a 1-year low of $14.03 and a 1-year high of $53.85. The business has a fifty day moving average price of $35.11 and a 200-day moving average price of $29.37.

Lemonade (NYSE:LMND) last issued its earnings results on Tuesday, February 25th. The company reported ($0.42) earnings per share for the quarter, topping 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 business had revenue of $148.80 million during the quarter, compared to analyst estimates of $144.78 million. As a group, analysts anticipate that Lemonade will post -3.03 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Michael A. Eisenberg sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $40.15, for a total value of $481,800.00. Following the transaction, the director now directly owns 94,670 shares of the company’s stock, valued at approximately $3,801,000.50. The trade was a 11.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Sheldon Peters sold 28,985 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $38.67, for a total transaction of $1,120,849.95. Following the sale, the insider now directly owns 69,508 shares of the company’s stock, valued at approximately $2,687,874.36. This trade represents a 29.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 769,657 shares of company stock valued at $33,868,724. 12.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lemonade

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP lifted its stake 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 in the last quarter. Avior Wealth Management LLC bought a new stake in shares of Lemonade in the fourth quarter worth about $40,000. Russell Investments Group Ltd. lifted its position in shares of Lemonade by 318.8% in the fourth quarter. Russell Investments Group Ltd. now owns 1,139 shares of the company’s stock worth $42,000 after buying an additional 867 shares in the last quarter. BNP Paribas bought a new position in Lemonade during the fourth quarter valued at approximately $57,000. Finally, PNC Financial Services Group Inc. boosted its stake in Lemonade by 116.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,596 shares of the company’s stock valued at $59,000 after buying an additional 860 shares during the last quarter. Institutional investors 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.