Why Shares of Lemonade Stock Fell This Week
Shares of Lemonade (NYSE: LMND) dropped 13.8% this week, according to data from S&P Global Market Intelligence. Releasing earnings on Wednesday, the insurance upstart posted strong growth but continues to miss on profitability, which likely led investors to sell some shares. Despite this week's drop, the stock is still up roughly 100% in the last twelve months.
Here's why Lemonade stock fell this week, and whether investors should buy the dip.
Lemonade is a new insurer that focuses on being a digital-first provider, utilizing artificial intelligence (AI) to price plans and lower overhead costs. It offers rental, homeowners, and car insurance, but pet insurance has been the niche where Lemonade has grown the largest, crossing $500 million in premiums last quarter.
Source Fool.com
