Here's Why Lemonade Stock Slumped This Week
Shares of Lemonade (NYSE: LMND) had a difficult run this week. The insurtech stock slumped as much as 12% this week, though shares are down 10.7% as of 2:44 p.m. EDT Friday, with no apparent reason for the downturn.
There isn't any company-specific news driving this week's decline. Rather, it appears that general market malaise heading into the summer months could be a contributing factor. The broader market has been essentially flat this week, with the S&P 500 gaining roughly 1% this week (as of this writing), as some traders take off for the summer holidays.
It's also likely that investors are exercising caution ahead of the release of Lemonade's second-quarter financial results next month. In the first quarter, storms and a winter freeze in Texas left many without power and weighed on Lemonade's financial results.
Source Fool.com
