Lemonade (NYSE: LMND) dazzled investors when it went public nearly three years ago. It simplified the byzantine process of buying insurance plans with an AI-powered app that insures its users within 90 seconds and processes their claims within three minutes. That streamlined digital-first approach locked in a lot of younger customers; about 70% of its customers were under the age of 35 at the time of its IPO.

Lemonade went public at $29 per share, and its stock eventually skyrocketed to an all-time high of $183.26 on Jan. 11, 2021. But today, the share price is just $18. Investors soured on Lemonade as its growth cooled off, its losses widened, and macroeconomic headwinds rattled the market. Rising interest rates also deflated its frothy valuations. At its peak, Lemonade had an enterprise value of $9.8 billion -- or 77 times the $128 million in revenue it would go on to generate in 2021.

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Source Fool.com