Lemonade, Inc. (LMND) shares fell 9.76 percent, losing $5.66 to $52.40 on Wednesday despite the company announcing the expansion of its Autonomous Car insurance product to Indiana.
The stock is currently trading at $52.40, compared with its previous close of $58.06 on the New York Stock Exchange. During the session, it opened at $56.80 and traded between $51.93 and $56.87. Trading volume reached 919,173 shares, below its average volume of 1.76 million shares.
The technology-driven insurance company said the offering provides Tesla owners with a 50% discount on miles driven using Tesla’s Full Self-Driving Supervised technology. Management stated that the product leverages driving data and intelligent pricing models to pass savings on to customers using autonomous driving features.
Lemonade shares have traded between $34.10 and $99.90 over the past 52 weeks.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.