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Why Lemonade Stock Popped on Wednesday

TheMotleyFool

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Shares of Lemonade (NYSE: LMND) were up 3.5% when the market closed on Wednesday, though they were up by as much as 5.1% during the day. This move comes on the eve of the company's second-quarter 2021 earnings release, which is expected at 8 a.m. EDT tomorrow.

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Lemonade brings big data and artificial intelligence to the insurance industry, attempting to disrupt a massive market. Last quarter, the company's gross profit dropped 59% to $1.9 million as winter storm Uri hit Texas, causing a big spike in homeowners claims. Notably, Lemonade's gross loss ratio (the percentage of premiums paid out in claims) rocketed higher to 121%, a significant increase over 72% in the prior year.

Source Fool.com

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