Lemonade (NYSE:LMND) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Lemonade (NYSE:LMND) released its quarterly earnings results on Tuesday. The company reported ($0.81) earnings per share for the quarter, topping the consensus estimate of ($0.88) by $0.07, Briefing.com reports. The business had revenue of $122.00 million during the quarter, compared to analysts’ expectations of $121.77 million. Lemonade had a negative return on equity of 30.34% and a negative net margin of 44.24%. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.97) EPS. Lemonade updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Lemonade Stock Performance

LMND stock traded down $0.66 during trading on Friday, hitting $16.64. 1,882,134 shares of the company’s stock traded hands, compared to its average volume of 2,146,350. The business has a fifty day simple moving average of $17.93 and a two-hundred day simple moving average of $17.25. Lemonade has a 1 year low of $10.27 and a 1 year high of $24.55.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Piper Sandler boosted their price objective on Lemonade from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Jefferies Financial Group increased their price objective on Lemonade from $14.00 to $16.00 and gave the stock an “underperform” rating in a research note on Tuesday, May 7th. Finally, JMP Securities reissued a “market outperform” rating and issued a $40.00 price objective on shares of Lemonade in a research note on Monday, April 15th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.86.

Insiders Place Their Bets

In other Lemonade news, CFO Timothy E. Bixby bought 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average cost of $15.51 per share, for a total transaction of $232,650.00. Following the completion of the transaction, the chief financial officer now directly owns 25,000 shares of the company’s stock, valued at approximately $387,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Timothy E. Bixby sold 2,077 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $16.03, for a total transaction of $33,294.31. Following the completion of the sale, the chief financial officer now owns 273,602 shares of the company’s stock, valued at approximately $4,385,840.06. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy E. Bixby bought 15,000 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was purchased at an average price of $15.51 per share, for a total transaction of $232,650.00. Following the completion of the acquisition, the chief financial officer now directly owns 25,000 shares in the company, valued at $387,750. The disclosure for this purchase can be found here. Corporate insiders own 12.50% 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.