Here's Why Lemonade Stock Is Plunging on Wednesday
The stock market was having a generally weak day on Wednesday, but insurance technology disruptor Lemonade (NYSE: LMND) was a big disappointment. As of 10 a.m. EDT, Lemonade's stock price had fallen by nearly 14% to its lowest level since December.
As you might expect, Lemonade's just-released earnings report is behind the move. But at first glance, many of the numbers look quite strong. Lemonade's in-force premium rose 89% year over year to $252 million, and the average customer is paying 25% more in premium than they were a year ago. What's more, Lemonade's customer count is almost 1.1 million, which is impressive considering it had just eclipsed 1 million at the end of 2020. And last but not least, Lemonade increased its full-year revenue guidance range by $3 million at the midpoint.
Image source: Getty Images.
Source Fool.com
