Why Lemonade Stock Climbed 18.2% This Week
Lemonade (NYSE: LMND) has gotten off to a good start in 2023. Its shares rose 18.2% this week as of 10:45 a.m. ET Friday, according to S&P Global Market Intelligence. The stock is trading at about $16.50 per share and is up about 20.3% year to date as of Jan. 13.
Overall, the major market indexes were up this week, with the S&P 500 rising 2%, the Dow Jones Industrial Average climbing 1.7%, and the Nasdaq Composite gaining 4.1%.
Lemonade is a digital insurance company that uses artificial intelligence (AI) and telematics to set policies and handle claims. However, it performed more like a fintech than an insurance stock in 2022, as its shares plummeted about 67% in 2022 due to the company's struggles with expenses and profitability.
Source Fool.com
