In a recent transaction, Maya Prosor, the Chief Business Officer of Lemonade, Inc. (NYSE:LMND), sold 304 shares of the company's common stock. The shares were sold at a price of $45.50 each, amounting to a total of $13,832. The stock currently trades at $39.48, and according to InvestingPro analysis, Lemonade appears slightly undervalued based on its Fair Value assessment. Following this sale, Prosor directly owns 8,684 shares of Lemonade.
The sale was not a discretionary decision by Prosor but was conducted to cover tax withholding obligations related to the vesting and settlement of restricted stock units. Additionally, Prosor indirectly holds 29,286 shares through Cohen Holdings, LLC, over which she has voting and dispositive control.
In other recent news, Lemonade Inc (NYSE:LMND). has been the subject of numerous analyst adjustments. Jefferies raised the price target for Lemonade to $20, while maintaining an underperform rating. JMP Securities also adjusted their price target for the company from $40 to $60, maintaining a Market Outperform rating. Piper Sandler increased their price target on Lemonade's shares to $44, keeping a neutral rating. BMO Capital Markets also revised their price target for Lemonade to $15, but retained an underperform rating. Lastly, Morgan Stanley (NYSE:MS) upgraded their rating on Lemonade from Underweight to Equal-weight, with a price target of $42.
These adjustments follow recent developments such as Lemonade's investor day, which highlighted the company's growth plans, including an entry into the auto insurance market. The company has shown strong revenue growth of 22% over the last twelve months, reaching $492.5 million. However, Jefferies revised its earnings projections for Lemonade, lowering its expectations for adjusted EBITDA and loss per share, indicating that the company remains unprofitable.
Lemonade's third-quarter financials showed significant growth, with in-force premiums rising by 24% to $889 million, customer count increasing by 17% to 2.3 million, and gross profit surging 71% year-over-year to $37 million. Analysts project further improvements for Lemonade, with Q4 2024 in-force premium projections being between $940 million to $944 million, and revenue projections being $144 million to $146 million. The company aims to achieve consistent positive cash flow from operations by the end of 2024.
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