John Peters, the Chief Insurance Officer at Lemonade, Inc. (NYSE:LMND), recently sold a portion of his holdings in the company. The transaction comes as Lemonade's stock has shown remarkable strength, gaining over 140% in the past year. According to a filing with the Securities and Exchange Commission, Peters sold 1,790 shares of common stock on December 3rd at a price of $45.50 per share. The total value of the transaction was approximately $81,445.
Following the sale, Peters retains ownership of 88,493 shares of Lemonade's common stock. It is important to note that this transaction was not discretionary; the shares were sold to cover tax withholding obligations related to the vesting and settlement of Restricted Stock Units. According to InvestingPro data, Lemonade's stock typically trades with high volatility, and investors can access detailed insider trading patterns and 8+ additional key insights through the Pro Research Report.
In other recent news, Lemonade Inc (NYSE:LMND). has experienced a series of adjustments in analysts' outlooks following the company's investor day. Jefferies increased the price target on Lemonade's shares to $20, while JMP Securities raised their price target to $60. Piper Sandler, Morgan Stanley (NYSE:MS), and BMO Capital also adjusted their price targets, with BMO Capital maintaining an underperform rating despite the increase. These revisions came in response to Lemonade's recent financial growth and ambitious expansion plans, particularly in the auto insurance sector.
Lemonade has demonstrated strong revenue growth, reaching $492.5 million over the last twelve months. The company's third-quarter financials show 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 has also outlined a roadmap to longer-term profitability, estimating to grow its in-force premium to $10 billion in the coming years. However, despite these developments, Jefferies and BMO Capital maintain a cautious view on the stock's potential for growth. These recent developments highlight the ongoing evolution of Lemonade in the insurance technology sector.
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