Why Lemonade Stock Lost Nearly 16% in September
Shares of Lemonade (NYSE: LMND) sank another 16% in September, according to data provided by S&P Global Market Intelligence. That was on the heels of a mixed earnings report that disappointed investors with some key points and general market pessimism for stocks that the market is already down on.
Lemonade caught investor attention with its artificial-intelligence digital insurance platform when it first went public. It's impressing customers as well. Customer count hit 1.9 million in the second quarter, a 21% increase over last year.
The company's growth strategy entails reaching new customers and cross-selling new and more-expensive policies to existing customers. This is working splendidly, and the average policy premium increased 24% over last year to $360. Gross earned premium increased 53% to $164 million, and revenue was up 109% to $105 million.
Source Fool.com
