Why Lemonade Stock Popped This Week
Shares of Lemonade (NYSE: LMND), an AI-powered insurance company, popped earlier this week as investors processed the news of better-than-expected earnings reports from banks.
Lemonade is considered a fintech stock and investors viewed the banks' reports as an indication that the financial sector may be more robust than previously thought. As a result, shares jumped and were still up by 8.5% for the week as of midday Friday, according to data provided by S&P Global Market Intelligence.
Earlier in the week, Bank of America, Bank of New York Mellon, and Goldman Sachs all reported quarterly financial results that beat Wall Street's consensus estimates. That helped lift Lemonade's stock by 8% on Tuesday.
Source Fool.com
