Insurance peer Travelers (TRV) is dragging Lemonade stock today
Amid another week of earnings season volatility, there are two major market movers this afternoon, heading in opposite directions on the charts. Both are trading under $20, however, remaining affordable. The pair are Lemonade Inc (NYSE:LMND), which is down 1.4% to trade at $18.92, and Enovix Corp (NASDAQ:ENVX) — up 2.4% at $11.46.
Sinking lower on the heels of peer Travelers Companies’ (TRV) third-quarter pop, LMND is just days off a reiteration out of JPMorgan Securities, who backed their $40 price target. Today’s fall has Lemonade stock snapping a seven-day win streak, adding to its 13% three-month deficit.
On the flip side, ENVX is surging after the company said it will report its third-quarter earnings after the close on Tuesday, Oct. 29. News also broke that One Wealth Advisors purchased 75,000 shares of the stock last quarter, worth $700,000. Yesterday’s pullback was captured by the 20-day moving average, though the equity still sports a 9% year-to-date loss.
Options on LMND are looking affordable, per the stocks’ Schaeffer’s Volatility Index (SVI) rating of 85%, which ranks in the 34th annual percentile. Meanwhile, puts have been popular in ENVX’s options pit, as the stock’s 50-day put/call volume ratio ranks in the 84th annual percentile at the the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).