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Why Lemonade and Upstart Holdings Stocks Sank Today

TheMotleyFool

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Why Lemonade and Upstart Holdings Stocks Sank TodayPhoto, wide shot, wide-angle lens, Reinsurance company, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/490045fb-8676-41a9-be7a-bcf4281c7d92.png

A controversial research report about a prominent fintech was the torpedo that sank a clutch of the sector's stocks on Thursday. Two notable victims of this were insurance specialist Lemonade (NYSE: LMND) and next-generation lender Upstart Holdings (NASDAQ: UPST). The former's stock closed the day nearly 2% lower, while the latter suffered a nearly 4% decline. By contrast, the S&P 500 index inched up by 0.3%.

The peer blasted with that report was Block (NYSE: SQ), which has drifted into the sights of a short-seller called Hindenburg Research.

Notorious in certain circles, Hindenburg is known particularly for its scathing take-downs of stocks it feels are significantly overvalued.

Source Fool.com

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