Jumia Technologies (NYSE:JMIA) Reaches New 12-Month High on Analyst Upgrade

Key Points

• Jumia Technologies (NYSE:JMIA) hit a new 12-month high after the Royal Bank of Canada upgraded the stock from a sector perform to an outperform rating, raising its price target to $15.00.
• Institutional interest in Jumia has surged, with JPMorgan Chase boosting its position by over 58,000%, now owning 224,714 shares valued at $903,000.
• The company operates an e-commerce platform across several regions, including West and North Africa, connecting sellers with customers and providing logistics and payment services under the JumiaPay name.

Jumia Technologies (NYSE:JMIA - Get Free Report)'s share price reached a new 52-week high on Tuesday after Royal Bank Of Canada upgraded the stock from a sector perform rating to an outperform rating. Royal Bank Of Canada now has a $15.00 price target on the stock, up from their previous price target of $6.50. Jumia Technologies traded as high as $10.62 and last traded at $12.01, with a volume of 271144 shares traded. The stock had previously closed at $9.79.

Hedge Funds Weigh In On Jumia Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its stake in Jumia Technologies by 5.7% in the 2nd quarter. Osaic Holdings Inc. now owns 42,348 shares of the company's stock worth $170,000 after acquiring an additional 2,300 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Jumia Technologies by 11.0% in the 4th quarter. Ameriprise Financial Inc. now owns 24,717 shares of the company's stock worth $94,000 after acquiring an additional 2,455 shares during the last quarter. Crumly & Associates Inc. raised its stake in Jumia Technologies by 19.7% in the 2nd quarter. Crumly & Associates Inc. now owns 15,813 shares of the company's stock worth $64,000 after acquiring an additional 2,600 shares during the last quarter. WealthTrust Axiom LLC raised its stake in Jumia Technologies by 17.5% in the 2nd quarter. WealthTrust Axiom LLC now owns 20,161 shares of the company's stock worth $81,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Profund Advisors LLC raised its stake in Jumia Technologies by 3.6% in the 2nd quarter. Profund Advisors LLC now owns 99,827 shares of the company's stock worth $401,000 after acquiring an additional 3,447 shares during the last quarter. Hedge funds and other institutional investors own 16.50% of the company's stock.

Jumia Technologies Stock Down 2.2%

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.38 and a quick ratio of 1.28. The stock has a 50 day moving average of $7.22 and a 200-day moving average of $4.37.

Jumia Technologies Company Profile

Jumia Technologies AG operates an e-commerce platform in West Africa, North Africa, East and South Africa, Europe, the United Arab Emirates, and internationally. The company's platform consists of marketplace that connects sellers with customers; logistics service, which enables the shipment and delivery of packages from sellers to consumers; and payment service, which facilitates transactions to participants active on the company's platform in selected markets under the JumiaPay name.