PNC Financial Services Group Inc. Boosts Stake in Lemonade, Inc. (NYSE:LMND)

PNC Financial Services Group Inc. boosted its position in Lemonade, Inc. (NYSE:LMND) by 116.8% in the 4th quarter, Holdings Channel reports. The firm owned 1,596 shares of the company’s stock after buying an additional 860 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Lemonade were worth $59,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. State Street Corp raised its holdings in shares of Lemonade by 1.2% in the third quarter. State Street Corp now owns 1,233,662 shares of the company’s stock worth $20,343,000 after buying an additional 14,028 shares during the period. Charles Schwab Investment Management Inc. grew its position in Lemonade by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 452,164 shares of the company’s stock valued at $16,585,000 after acquiring an additional 3,867 shares during the last quarter. FMR LLC increased its stake in 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 purchasing an additional 153,362 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Lemonade by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 151,186 shares of the company’s stock worth $5,545,000 after purchasing an additional 442 shares during the last quarter. Finally, Verition Fund Management LLC bought a new stake in shares of Lemonade during the third quarter worth $1,571,000. Hedge funds and other institutional investors own 80.30% of the company’s stock.

Lemonade Stock Down 6.3 %

LMND opened at $34.32 on Thursday. Lemonade, Inc. has a 52 week low of $14.03 and a 52 week high of $53.85. The company has a market capitalization of $2.50 billion, a P/E ratio of -11.29 and a beta of 2.12. The stock’s fifty day moving average is $34.53 and its two-hundred day moving average is $31.64.

Lemonade (NYSE:LMND) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.61) by $0.19. Lemonade had a negative return on equity of 32.85% and a negative net margin of 43.51%. The firm had revenue of $148.80 million during the quarter, compared to the consensus estimate of $144.78 million. Equities analysts anticipate that Lemonade, Inc. will post -3.03 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Piper Sandler reduced their price target on shares of Lemonade from $44.00 to $34.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $31.00.

Insider Transactions at Lemonade

In other news, insider John Sheldon Peters sold 1,899 shares of Lemonade stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $33.79, for a total value of $64,167.21. Following the transaction, the insider now directly owns 87,609 shares in the company, valued at approximately $2,960,308.11. This trade represents a 2.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Softbank Group Capital Ltd sold 204,575 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $37.08, for a total value of $7,585,641.00. Following the completion of the transaction, the insider now directly owns 10,494,636 shares of the company’s stock, valued at approximately $389,141,102.88. The trade was a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 235,459 shares of company stock valued at $8,770,658. Company 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.