Why Lemonade Stock Dropped 11.1% This Week
Lemonade (NYSE: LMND) saw its share price fall 11.1% this week, as of Friday morning at 9:30 a.m. ET, according to S&P Global Market Intelligence. It had been down as much as 16% during the week. Lemonade was trading at about $17.50 per share at the market open on Friday, up approximately 28% year to date.
It was not a great week for the markets overall, as the S 500 was down 0.6%, the Dow Jones Industrial Average fell 1%, and the Nasdaq Composite dropped 0.4% this week as of Friday at the opening bell.
Lemonade is an insurance company that uses artificial intelligence and machine learning to process claims. It has been growing rapidly, but as a relative newcomer that launched in 2016, it has yet to turn a profit.
Source Fool.com
