SoftBank (TYO:9984) Group Capital Ltd, a major shareholder in Lemonade, Inc. (NYSE:LMND), recently sold a significant portion of its holdings in the insurance technology company. According to a Form 4 filing with the Securities and Exchange Commission, the firm sold a total of 1,309,106 shares over two days, December 16 and 17, 2024. The transactions were executed at prices ranging from $43.31 to $46.39 per share, amounting to a total sale value of approximately $56 million. The sale comes amid Lemonade's remarkable performance, with the stock surging over 165% in the past six months, though InvestingPro data shows significant price volatility remains a key characteristic of the stock.
Following these transactions, SoftBank's remaining stake in Lemonade stands at 10,706,278 shares. With Lemonade's current market capitalization of $2.79 billion and negative EBITDA of $186 million in the last twelve months, investors seeking deeper insights can access comprehensive analysis through InvestingPro's detailed research reports. The sales reflect SoftBank's continued adjustment of its investment portfolio, although the firm remains a significant shareholder in Lemonade.
In other recent news, Lemonade Inc (NYSE:LMND). has seen significant financial growth and updated analyst outlooks. The insurance tech company reported a 24% increase in in-force premiums to $889 million, a 17% increase in customer count to 2.3 million, and a 71% year-over-year surge in gross profit to $37 million. Analysts project Lemonade's Q4 2024 in-force premium to be between $940 million to $944 million, and revenue projection to be $144 million to $146 million.
Jefferies raised its price target for Lemonade to $20, while maintaining an underperform rating. JMP Securities, on the other hand, upgraded their price target from $40 to $60, retaining a Market Outperform rating. Piper Sandler increased its price target from $25 to $44, keeping a neutral rating, and BMO Capital raised its price target to $15, also maintaining an underperform rating.
Morgan Stanley (NYSE:MS) upgraded Lemonade's stock rating from Underweight to Equal-weight, following the company's investor day. The company has outlined ambitious growth plans, including a roadmap to longer-term profitability and an estimation to grow its in-force premium to $10 billion in the coming years. These recent developments highlight Lemonade's growth trajectory in the insurance technology sector.
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