Why Lemonade Stock Is Skyrocketing This Week
Shares of Lemonade (NYSE: LMND) are soaring this week following the publication of the company's first-quarter earnings results. The tech-driven insurance company's stock was up roughly 37.7% from the previous week's market close as of 11:30 a.m. ET, according to data from S&P Global Market Intelligence.
Lemonade published its Q1 results after the market closed on May 3 and held a conference call the following day. Performance for the period came in significantly ahead of the market's expectations. The company posted a loss per share of $0.95 on revenue of $95.2 million, while the average analyst estimate had called for a per-share loss of $1.13 on revenue of $88.2 million.
Lemonade reported strong results across its key performance metrics in Q1. The company's in-force-premium metric, which tracks active insurance policies, rose 56% year over year to reach $653 million, and its gross loss ratio narrowed to 87% from 89% in last year's fourth quarter. Spurred by these results, Lemonade's revenue rose 115% year over year, and its net loss declined to $66 million.
Source Fool.com
