Many investors have soured on Lemonade (NYSE: LMND) over the past four years. The online insurer went public at $29 in July 2020, skyrocketed to an all-time high of $183.26 on Jan. 11, 2021, but now trades at about $16.

Lemonade initially impressed investors with the disruptive potential of its artificial intelligence (AI)-driven chatbot and algorithms, which simplified the process of buying insurance plans for first-time buyers. However, the bulls retreated as its growth cooled off, it racked up more losses, and rising interest rates popped its bubbly valuation. Should contrarian investors still bet on Lemonade as a turnaround play? Let's review the bullish and bearish cases for this company.

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Source Fool.com