What happened The stock market was having a mixed day on Thursday, with the Dow Jones Industrial Average and S&P 500 indices in the red and the Nasdaq slightly higher. High-flying insurance technology stock Lemonade (NYSE: LMND) is another story altogether. As of 2:45 p.m. EST, Lemonade was up 13% for the day to about $98.50 after briefly going as high as $111.68 earlier in the session. Image source: Getty Images. So what There doesn't seem to be any company-specific news fueling today's move, which is just the latest in a string of upward spikes for Lemonade. The stock is up by more than 57% since the start of December, mainly fueled by analyst upgrades. Lemonade recently announced that it planned to expand into France and test a life insurance product by early 2021, so this could be continued optimism related to these developments. Now what It's also worth noting that there's quite a bit of IPO euphoria in the market right now, with Airbnb (NASDAQ: ABNB) debuting today at more than double its IPO price after a similar move for DoorDash (NYSE: DASH) yesterday. Plus, Thursday has been a strong day for high-growth tech stocks in general, with fellow tech names like MongoDB (NASDAQ: MDB), Crowdstrike (NASDAQ: CRWD), and Fastly (NYSE: FSLY) all moving sharply higher as well. So, this general investor sentiment could be causing much of today's move. Regardless of the reason for this particular move, it's important to keep in mind that even after the recent rally, Lemonade's market cap is less than $6 billion. And it's perhaps the leading disruptor in the $5 trillion insurance market. So, if things go well for Lemonade in the next few years, this could be just the beginning. Find out why Lemonade, Inc. is one of the 10 best stocks to buy now Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* Tom and David just revealed their ten top stock picks for investors to buy right now. Lemonade, Inc. is on the list -- but there are nine others you may be overlooking. Click here to get access to the full list! *Stock Advisor returns as of November 20, 2020 Matthew Frankel, CFP owns shares of Lemonade, Inc. The Motley Fool owns shares of and recommends CrowdStrike Holdings, Inc., Fastly, Lemonade, Inc., and MongoDB. The Motley Fool has a disclosure policy.Source