Lemonade, Inc. LMND shares are trading higher on heavy volume Thursday. The company reported its third-quarter financial results after the market close on Wednesday.
What To Know:
Lemonade reported quarterly losses of 88 cents per share, beating the analyst consensus estimate of 94 cents. The company also reported quarterly sales of $114.50 million, beating the analyst consensus estimate of $104.46 million and representing a 54.73% increase over sales of $74 million from the same period last year.
In a letter to shareholders, the company stated, "Our interim goal of being cash flow positive is now within sight, and we hope you - like us - take much comfort and confidence from that.
"Our ultimate goal, of course, goes beyond being profitable: it is to become an iconic global brand, with unrivaled ability to quantify risk, and service customers at the highest level of delight while shouldering the lowest cost to serve."
Lemonade Inc. shares have grabbed attention of retail investors as well as short-sellers. LMND is one of the top trending tickers on Yahoo Finance and 33.1% of shares are being sold short, according to data from Benzinga Pro.
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LMND Price Action: According to data from Benzinga Pro, Lemonade Inc. shares are up 36% at $14.99 at the time of publication.
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