Lemonade Shares Soar 30% After Reporting Higher Premiums And Revenue Growth In Q3

(RTTNews) - Lemonade, Inc. (LMND) shares surged 29.57 percent to $76.00 on Wednesday after the company posted strong third-quarter results, driven by higher in-force premiums and improved revenue.

Total revenue rose to $403 million from $384 million last year. Lemonade ended the quarter with 2.87 million customers, compared with 2.31 million a year ago. The company's net loss narrowed slightly to $80.9 million from $83.5 million in the prior year, while adjusted EBITDA loss improved to $37.5 million from $67.7 million a year earlier.

Lemonade shares opened at $67.70 and traded between $65.75 and $74.14 during the session on the New York Stock Exchange. It was last seen at $73.54 compared with a previous close of $58.66. Trading volume stood at about 5.6 million shares, more than double the average of 2.6 million.

The stock has traded between $24.31 and $74.14 over the past 52 weeks.