Jumia Technologies (NYSE:JMIA) Shares Gap Down - Here's What Happened

Key Points

• Jumia Technologies (NYSE:JMIA) shares opened significantly lower at $10.47, down from the previous close of $11.48, and last traded at $11.10.
• Royal Bank Of Canada upgraded Jumia Technologies to an "outperform" rating with a revised price target of $15.00, and the stock has a consensus rating of "Buy".
• Recent investment activity includes JPMorgan Chase & Co. increasing its holdings by over 58,116%, demonstrating significant institutional interest in Jumia Technologies.

Jumia Technologies (NYSE:JMIA - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $11.48, but opened at $10.47. Jumia Technologies shares last traded at $11.10, with a volume of 1,052,654 shares traded.

Analyst Upgrades and Downgrades

Separately, Royal Bank Of Canada raised shares of Jumia Technologies from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $6.50 to $15.00 in a research report on Tuesday, September 16th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Jumia Technologies presently has a consensus rating of "Buy" and an average price target of $15.00.

Jumia Technologies Price Performance

The stock's 50-day moving average is $7.64 and its 200 day moving average is $4.55. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.28 and a current ratio of 1.38.

Institutional Investors Weigh In On Jumia Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of JMIA. JPMorgan Chase & Co. raised its holdings in shares of Jumia Technologies by 58,116.1% during the second quarter. JPMorgan Chase & Co. now owns 224,714 shares of the company's stock worth $903,000 after purchasing an additional 224,328 shares during the last quarter. Revisor Wealth Management LLC purchased a new position in shares of Jumia Technologies during the first quarter worth $399,000. Banque Transatlantique SA raised its holdings in shares of Jumia Technologies by 109,875.5% during the first quarter. Banque Transatlantique SA now owns 120,973 shares of the company's stock worth $240,000 after purchasing an additional 120,863 shares during the last quarter. Nomura Holdings Inc. purchased a new position in shares of Jumia Technologies during the second quarter worth $402,000. Finally, SBI Securities Co. Ltd. raised its holdings in shares of Jumia Technologies by 30.4% during the first quarter. SBI Securities Co. Ltd. now owns 399,663 shares of the company's stock worth $859,000 after purchasing an additional 93,184 shares during the last quarter. Hedge funds and other institutional investors own 16.50% of the company's stock.

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.

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