Here's Why Lemonade Is Rising (Again) on Wednesday
The stock market was having a modestly strong day on Wednesday, with all three major averages up by 0.4% or less at 2 p.m. EST. However, insurance technology company Lemonade (NYSE: LMND) was a big outperformer. Shares had risen by 11%, and this came on the heels of a double-digit rise just a day earlier.
There isn't any company-specific news on Wednesday, nor are there any analyst upgrades driving Lemonade's price higher.
Instead, this seems to be a continuation of the momentum that followed Lemonade's lockup expiration on Tuesday. The high-momentum insurance disruptor's stock fell sharply on Monday in anticipation of the lockup expiration, and for good reason -- 44 million shares, or roughly two-thirds of all Lemonade stock -- became available to trade by insiders and early investors for the first time beginning on Tuesday.
Source Fool.com
