Why Lemonade Stock Dropped 24% in January
Shares of digital insurance company Lemonade (NYSE: LMND) fell 24% in January according to data provided by S&P Global Market Intelligence. The company's stock has been falling for months, and it was a victim of the broader tech stock sell-off and market volatility that continued into January.
Lemonade disappointed investors in 2021. It posted a huge loss ratio in last year's first quarter after the Texas freeze, when there was a severe storm that caused tremendous damage in one of Lemonade's biggest markets. In the third quarter, the investor community wasn't thrilled with its announcement that it's acquiring auto insurance technology company MetroMile.
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Source Fool.com
