Why Lemonade's Stock Price Fell Nearly 3% Today

Insurance company Lemonade (NYSE: LMND) was trending lower on Friday, finishing the day down 2.95% at $21.42 per share. It had dipped below $21 per share, falling to $20.97 at 12:31 p.m. ET. The stock price is down roughly 49% year to date (YTD).

It is not clear what drove the stock price down as insurance stocks in general were all over the place in Friday's trading session, with stocks like Aegon (NYSE: AEG) up over 2% and several others, including Lemonade, down.

Lemonade is among a new breed of insurance companies that uses artificial intelligence (AI) to price policies and review claims. Its growth in customers and revenue has been strong and steady, but it remains unprofitable due to high expenses as it ramps up its technology and expands its markets.

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Source Fool.com