Sign In  |  Register  |  About Mill Valley  |  Contact Us

Mill Valley, CA
September 01, 2020 1:29pm
7-Day Forecast | Traffic
  • Search Hotels in Mill Valley

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Van Eck cuts stake in Lemonade stock: should you too?

By: Invezz
lemonade stock price forecast may 2024

Van Eck Associates Corp just announced to have trimmed its stake in Lemonade Inc (NYSE: LMND). Shares of the insurance firm are still up more than 15% at writing. 

Van Eck sold $244,000 worth of $LMND

The investment management company lowered its exposure to $LMND by over 28% in the fourth quarter. 

It sold a total of 6,053 shares of Lemonade for about $244,000 – but still holds some 15,000 shares of the New York based firm.

The news arrives a couple weeks after Lemonade reported its financial results for the first quarter that topped Street estimates. $LMND also said it will break even on a cash flow basis by the end of 2024. 

Lemonade shares are down over 10% for the year at writing. 

Should you buy Lemonade stock today?

Strength in Lemonade’s Q1 was primarily related to favourable PYD (prior year development), as per analysts at Jefferies. 

They continue to rate $LMND at “underperform” since that benefit is unlikely to be recurring. Their $16 price objective suggests about a 10% downside from here. 

Jefferies remains bearish on Lemonade stock as its experts forecast weather-related losses moving forward. They are reluctant in changing their stance on the insurance firm until there’s more evidence that it’s moving towards sustainable profitability. 

Note that the New York listed firm does not pay a dividend at writing. So, it’s not attractive to own as means of passive income either. 

The post Van Eck cuts stake in Lemonade stock: should you too? appeared first on Invezz

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MillValley.com & California Media Partners, LLC. All rights reserved.