Connor Clark & Lunn Investment Management Ltd. Boosts Stake in Lemonade, Inc. (NYSE:LMND)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Lemonade, Inc. (NYSE:LMND) by 402.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 275,161 shares of the company’s stock after purchasing an additional 220,399 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Lemonade were worth $10,093,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its stake in shares of Lemonade by 93.0% in the third quarter. FMR LLC now owns 318,321 shares of the company’s stock worth $5,249,000 after buying an additional 153,362 shares in the last quarter. Verition Fund Management LLC purchased a new position in shares of Lemonade in the third quarter worth about $1,571,000. Strategic Financial Concepts LLC purchased a new position in shares of Lemonade in the fourth quarter worth about $2,712,000. Barclays PLC lifted its stake in shares of Lemonade by 292.5% in the third quarter. Barclays PLC now owns 87,414 shares of the company’s stock worth $1,443,000 after buying an additional 65,144 shares in the last quarter. Finally, Mandatum Life Insurance Co Ltd purchased a new position in Lemonade during the fourth quarter worth about $378,000. 80.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Softbank Group Capital Ltd sold 7,067 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 10,699,211 shares of the company’s stock, valued at $460,280,057.22. This represents a 0.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Sheldon Peters sold 1,899 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $33.79, for a total transaction of $64,167.21. Following the sale, the insider now directly owns 87,609 shares in the company, valued at approximately $2,960,308.11. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 757,766 shares of company stock valued at $33,369,646. Company insiders own 12.50% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Piper Sandler decreased their target price on shares of Lemonade from $44.00 to $34.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Morgan Stanley upgraded shares of Lemonade from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $23.00 to $42.00 in a report on Wednesday, November 20th. JMP Securities boosted their target price on shares of Lemonade from $40.00 to $60.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Finally, 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 report on Thursday, November 21st. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $31.00.

Lemonade Stock Performance

Lemonade stock opened at $34.92 on Friday. The company’s 50 day simple moving average is $34.26 and its 200-day simple moving average is $30.61. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of -11.49 and a beta of 2.12. Lemonade, Inc. has a 1 year low of $14.03 and a 1 year 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.19. The business had revenue of $148.80 million for the quarter, compared to the consensus estimate of $144.78 million. Lemonade had a negative net margin of 43.51% and a negative return on equity of 32.85%. Equities analysts expect that Lemonade, Inc. will post -3.03 earnings per share for the current year.

Lemonade 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.