Lemonade Inc (NYSE:LMND) shares are trading higher Wednesday. The stock has seen increased retail investor interest this week.
Lemonade is trending across social media platforms. It was the top trending ticker on Stocktwits at last check. Traders seem to be pointing to high short interest in the name. 32.18% of Lemonade’s float is currently sold short, according to data from Benzinga Pro.
At the start of the week, Piper Sandler analyst Arvind Ramnani downgraded Lemonade from an Overweight rating to Neutral and lowered the price target from $24 to $20, citing concerns of declining enterprise technology spend.
See Also: 5 Analysts Have This to Say About Lemonade
Lemonade uses artificial intelligence and behavioral economics to offer renters, homeowners, car, pet and life insurance. The company is set to announce its second-quarter financial results after the market closes on Aug. 8.
LMND Price Action: Lemonade has traded between $93.69 and $15.99 over a 52-week period.
The stock was up 6.32% at $20.95 at time of publication.
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