Why Was Lemonade Stock Rising on Wednesday?
The stock market was having a modestly strong day on Wednesday, with the S&P 500 and Nasdaq slightly higher as of 3 p.m. EDT. However, insurance technology company Lemonade (NYSE: LMND) was a major standout, with shares higher by nearly 12%.
While the move is certainly good news for Lemonade investors, there's no real news driving the stock higher. It's worth pointing out that some of the most closely followed growth stocks are also among the market's top performers today.
Lemonade has been the subject of several short-seller reports recently, and its shares had fallen by more than 60% from recent highs. We're seeing a clear rebound in some of the other high-flying stocks of early 2021 that had recently experienced corrections, as well.
Source Fool.com
