Jumia Technologies (NYSE:JMIA) Shares Up 13% - Here's What Happened

Key Points

• Jumia Technologies (NYSE:JMIA) shares surged 13% during mid-day trading, reaching a high of $7.15, significantly up from a previous close of $6.44.
• Royal Bank Of Canada reaffirmed a "sector perform" rating for Jumia, amidst growing interest from institutional investors who increased their stakes in the company.
• The company's trading volume rose by 70% compared to its average session, indicating increased investor engagement and interest.

Jumia Technologies (NYSE:JMIA - Get Free Report)'s share price shot up 13% during mid-day trading on Tuesday . The company traded as high as $7.15 and last traded at $7.28. 5,863,551 shares were traded during mid-day trading, an increase of 70% from the average session volume of 3,457,361 shares. The stock had previously closed at $6.44.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada reissued a "sector perform" rating on shares of Jumia Technologies in a research report on Monday.

Jumia Technologies Price Performance

The company's 50-day moving average is $4.17 and its two-hundred day moving average is $3.29. 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

Institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace LLP raised its stake in Jumia Technologies by 180.5% during the fourth quarter. Marshall Wace LLP now owns 1,023,405 shares of the company's stock worth $3,909,000 after acquiring an additional 658,618 shares in the last quarter. 683 Capital Management LLC acquired a new position in Jumia Technologies during the fourth quarter worth about $3,384,000. SBI Securities Co. Ltd. raised its stake in 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 acquiring an additional 93,184 shares in the last quarter. JPMorgan Chase & Co. raised its stake in 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 acquiring an additional 224,328 shares in the last quarter. Finally, Graham Capital Management L.P. raised its stake in Jumia Technologies by 61.7% during the fourth quarter. Graham Capital Management L.P. now owns 210,024 shares of the company's stock worth $802,000 after acquiring an additional 80,115 shares in the last quarter. 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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