Last Tuesday, Lemonade Inc. The business figures from the 3rd quarter of this year are known. The insurance company, which aims to use artificial intelligence and machine learning to reshape the insurance market, saw its revenue rise 101% year-on-year to $35.7 million, beating estimates by $2.3 million. Net loss increased from $30.9 million to $66.4 million, or $1.08 per share. However, this beat analysts’ expectations by $0.08 per share.
Founded in 2015 and still under construction, Lemonade could offer more and more insurance solutions as it grows in size. Lemonade’s relatively small market cap is currently under $4 billion, and the company’s still-small stock could multiply in the future.
Just recently, the New York-based company announced the acquisition of pay-per-mile insurance company Metromile. The purchase of the auto insurance company, valued at about $500 million, is expected to close by mid-2022.
However, the chart has not yet confirmed this assessment. The stock has been quite volatile so far and could remain so. After the high in January this year of over $150, the price corrected sharply in the following months until it reached a low of under $50 in May. Although the stock recovered to nearly $100 by today, it then fell back to below $60.
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