Maria Angelidis-Smith, a director at Lemonade, Inc. (NYSE:LMND), has acquired a significant amount of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The transactions, dated November 8 and November 13, involved the purchase of a total of 33,554 shares, amounting to approximately $1,007,444.
The shares were bought at prices ranging from $27.42 to $33.23 per share. These transactions were made through the Smith Family Trust, where Angelidis-Smith serves as a co-trustee with voting and dispositive control over the shares.
Following these acquisitions, the Smith Family Trust now holds a total of 33,554 shares in Lemonade. Additionally, Angelidis-Smith retains direct ownership of 7,362 shares in the company. This move underscores a continued commitment to the company amidst a dynamic market environment.
In other recent news, Lemonade Inc (NYSE:LMND). has reported robust growth in its third quarter, with in-force premiums rising by 24% to $889 million, and the customer count increasing by 17% to 2.3 million. The company's gross profit also saw a significant surge of 71% year-over-year to $37 million, and net cash flow reached $48 million. BMO Capital maintained its Underperform rating on Lemonade, with a steady price target of $13.00, attributing the company's recent stock surge to factors beyond its fundamental performance. Piper Sandler, however, adjusted its outlook on Lemonade, raising the price target while maintaining a neutral rating. Among the recent developments, Lemonade has disclosed strategic plans for expansion, particularly in auto insurance. By the end of 2024, the company aims to achieve consistent positive cash flow from operations. Analysts project Lemonade's Q4 2024 in-force premium to be between $940 million to $944 million, and revenue projection being $144 million to $146 million. Despite a minor dip in annual dollar retention to 87%, Lemonade is strategically reducing its less profitable home customer segment to focus on more profitable growth avenues.
InvestingPro Insights
The recent insider buying by Maria Angelidis-Smith aligns with Lemonade's strong market performance. According to InvestingPro data, Lemonade has shown remarkable price momentum, with a 102.08% return over the last three months and an impressive 103.76% return over the past year. This significant insider purchase could be seen as a vote of confidence in the company's future prospects.
InvestingPro Tips highlight that Lemonade's stock generally trades with high price volatility, which may explain the wide range of purchase prices ($27.42 to $33.23) in Angelidis-Smith's transactions. Despite this volatility, the stock has demonstrated a significant return over the last week, with a 17.05% price increase.
It's worth noting that while the company has shown strong revenue growth of 22.09% over the last twelve months, it is not currently profitable. This aligns with another InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips for Lemonade, providing deeper insights into the company's financial health and market position.
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