Jumia Technologies (NYSE:JMIA) Shares Up 7.3% - Here's Why

Key Points

• Jumia Technologies shares increased by 7.3%, reaching a last trading price of $12.76, despite a significant decrease in trading volume.
• Royal Bank Of Canada upgraded Jumia Technologies' rating to outperform and raised the price target from $6.50 to $15.00, while Weiss Ratings maintained a sell rating.
• Institutional investors have shown increased interest in Jumia, with significant buy-ins from firms like Blair William & Co. and Banque Transatlantique, resulting in a 16.50% ownership stake in the company.

Shares of Jumia Technologies (NYSE:JMIA - Get Free Report) shot up 7.3% on Wednesday . The company traded as high as $12.67 and last traded at $12.76. 979,270 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 3,580,969 shares. The stock had previously closed at $11.89.

Analyst Ratings Changes

A number of research firms recently weighed in on JMIA. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Jumia Technologies in a report on Wednesday. Royal Bank Of Canada upgraded shares of Jumia Technologies from a "sector perform" rating to an "outperform" rating and raised their price objective for the company from $6.50 to $15.00 in a research note on Tuesday, September 16th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $15.00.

Jumia Technologies Stock Performance

The company's 50 day moving average price is $8.89 and its 200-day moving average price is $5.15. The company has a quick ratio of 1.28, a current ratio of 1.38 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Blair William & Co. IL boosted its holdings in shares of Jumia Technologies by 28.6% in the first quarter. Blair William & Co. IL now owns 33,700 shares of the company's stock worth $72,000 after buying an additional 7,500 shares during the period. Farther Finance Advisors LLC acquired a new position in shares of Jumia Technologies in the second quarter worth about $55,000. Revisor Wealth Management LLC acquired a new position in shares of Jumia Technologies in the first quarter worth about $399,000. Banque Transatlantique SA boosted its holdings in shares of Jumia Technologies by 109,875.5% in the first quarter. Banque Transatlantique SA now owns 120,973 shares of the company's stock worth $240,000 after buying an additional 120,863 shares during the period. Finally, SBI Securities Co. Ltd. boosted its holdings in shares of Jumia Technologies by 30.4% in the first quarter. SBI Securities Co. Ltd. now owns 399,663 shares of the company's stock worth $859,000 after buying an additional 93,184 shares during the period. 16.50% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.