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?

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Source Fool.com