Daniel Schreiber, co-founder and CEO of Lemonade, speaks on stage during the first day of TechCrunch Disrupt SF 2018 at the Moscone Center on September 5, 2018 in San Francisco, California.
Kimberly White | Getty Images
Shares in internet insurer Lemonade plunged as much as 15% on Monday as investors brace themselves for curbs on insider selling the company until expiring Tuesday.
Lemonade was among the top performers to go public this year. The shares are up more than 300% above the July IPO. Nevertheless, approximately 44 million shares will be eligible for sale starting Tuesday, and traders are preparing for potential volatility.
Lemonade, launched in 2016, offers insurance for renters and homeowners. It uses artificial intelligence and chatbots to make it easier to find and buy insurance faster. Investors believe the company may soon venture into more markets, such as auto insurance, which helped lift stocks.
“We believe Lemonade is well positioned to capture (quickly) a share of the trillion-dollar insurance industry, one product at a time,” GMP Securities analysts wrote in a note for December.
Lemonade was named to CNBC’s Disruptor 50 Companies in 2020, ranking 17th.
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