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Should You Buy Lemonade Stock While It's Below Its IPO Price?

TheMotleyFool

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Should You Buy Lemonade Stock While It's Below Its IPO Price?: https://g.foolcdn.com/editorial/images/784572/two-friends-lemonade-van.jpg

Lemonade (NYSE: LMND), a provider of AI-powered online insurance services, went public at $29 per share four years ago. It soared to a record high of $183.26 during the apex of the meme stock rally in January 2021, but it now trades at about $22.

Lemonade's stock dropped below its IPO price as its growth slowed, it racked up persistent losses, and rising rates popped its bubbly valuation. Should contrarian investors buy this out-of-favor stock as a turnaround play?

Image source: Getty Images.

Source Fool.com

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