Shares of Lemonade (NYSE: LMND) fell 6.79% Monday due to a selloff involving insurance technology companies.
History: When Lemonade went public in 2020, the stock soared 76% that year. But as investors turned away from mid-cap growth tech stocks in 2021, Lemonade's stock dropped 60.47%.
The Good: Lemonade has broadened its customer base and increased its quarterly revenue by 101%.
The Bad: However, the company's marketing and advertising expenses are up. Lemonade is still not profitable.
Final Thoughts: Last month, Lemonade acquired automobile insurance tech company Metromile. Hopefully, this helps the company expand into car insurance.
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