Hidden Lake Asset Management Reduces Lemonade Stake

Hedge fund cuts position in insurance tech company by nearly 90%

Mar. 16, 2026 at 11:21am

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Hidden Lake Asset Management LP reduced its holdings in Lemonade, Inc. (NYSE:LMND) by 89.8% during the third quarter, according to the company's 13F filing with the SEC. The fund now owns 33,109 shares of the company's stock, down from 326,070 shares previously.

Why it matters

Lemonade is a high-profile insurtech company that has seen significant volatility in its stock price since going public in 2020. This reduction in stake by a major institutional investor could signal broader concerns about the company's valuation and growth prospects.

The details

According to the 13F filing, Hidden Lake Asset Management sold 292,961 shares of Lemonade during the third quarter, reducing its total position to just 33,109 shares worth $1.77 million. The hedge fund cited unspecified reasons for the nearly 90% reduction in its Lemonade holdings.

  • Hidden Lake Asset Management filed its 13F report for the third quarter on March 16, 2026.

The players

Hidden Lake Asset Management LP

A hedge fund that previously held a sizable stake in insurtech company Lemonade, Inc.

Lemonade, Inc.

A New York-based technology-driven insurance carrier that leverages artificial intelligence and behavioral economics.

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The takeaway

This significant reduction in ownership by a major institutional investor raises questions about Lemonade's long-term growth prospects and valuation. It could signal broader concerns about the company's ability to maintain its rapid expansion and disrupt the traditional insurance industry.