Why Shares of Lemonade Are Down Today

Shares of the insurtech firm Lemonade (NYSE: LMND) traded nearly 3% down as of 11:20 a.m. ET for no obvious reason, other than the continued struggle of financial technology stocks in the broader market. Lemonade went public last year and wowed investors with its artificial intelligence capabilities that could process applications, make decisions, and pay out insurance claims very quickly. Since then, investors have soured on the stock, with its share price now around $51.