Shares of online insurance company Lemonade plunged as much as 15% Monday as investors prepare for the company’s insider selling restrictions to end on Tuesday.
Lemonade has been among the best performing companies that went public this year. Shares have soared more than 300% above its initial offering price in July. However, roughly 44 million shares will be eligible for sale starting Tuesday, and traders are bracing for potential volatility.
Lemonade, launched in 2016, offers insurance to renters and homeowners. It uses artificial intelligence and chatbots to make it easier and faster to find and buy insurance.
Lemonade was named of of CNBC’s Disruptor 50 companies in 2020, placing at No. 17.
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