Jumia Technologies (NYSE:JMIA) Shares Gap Down – Here’s What Happened

Shares of Jumia Technologies (NYSE:JMIA) gapped down before the market opened on Tuesday . The stock had previously closed at $12.27, but opened at $10.40. Jumia Technologies shares last traded at $10.2530, with a volume of 2,684,783 shares.

Analyst Upgrades and Downgrades

JMIA has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Jumia Technologies in a research report on Thursday, January 22nd. Craig Hallum initiated coverage on shares of Jumia Technologies in a research note on Tuesday, December 16th. They set a “buy” rating and a $18.00 price target for the company. Benchmark began coverage on shares of Jumia Technologies in a report on Tuesday, November 25th. They issued a “buy” rating and a $18.00 target price for the company. Finally, Cantor Fitzgerald raised Jumia Technologies to a “strong-buy” rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.25.

Jumia Technologies Trading Down 15.7%

The company has a current ratio of 1.20, a quick ratio of 1.12 and a debt-to-equity ratio of 0.24. The business’s fifty day moving average is $12.65 and its 200 day moving average is $10.74.

Jumia Technologies (NYSE:JMIA) last released its quarterly earnings results on Tuesday, February 10th. The company reported ($0.08) earnings per share for the quarter. The firm had revenue of $61.40 million during the quarter. Jumia Technologies had a negative return on equity of 116.72% and a negative net margin of 40.86%.

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 JMIA. Lido Advisors LLC purchased a new position in shares of Jumia Technologies during the 2nd quarter worth approximately $41,000. Global Retirement Partners LLC increased its position in Jumia Technologies by 111.1% during the 3rd quarter. Global Retirement Partners LLC now owns 3,800 shares of the company’s stock worth $44,000 after purchasing an additional 2,000 shares in the last quarter. Jump Financial LLC purchased a new position in Jumia Technologies in the 2nd quarter valued at about $49,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Jumia Technologies during the second quarter worth about $50,000. Finally, Ritholtz Wealth Management purchased a new position in shares of Jumia Technologies during the second quarter valued at approximately $53,000. Institutional investors and hedge funds own 16.50% of the company’s stock.

About Jumia Technologies

Jumia Technologies AG (NYSE: JMIA) operates as a leading e-commerce and technology platform in Africa, facilitating online retail, logistics and digital payments. The company’s marketplace connects millions of consumers with a diverse array of sellers offering electronics, fashion, home goods, groceries and more. Beyond its core retail services, Jumia has developed JumiaPay, a payment solution that enables secure transactions both on and off its platform, and Jumia Logistics, which provides end-to-end delivery and fulfillment support across the continent.

Jumia serves a broad geographic footprint in Africa, with operations in key markets such as Nigeria, Egypt, Kenya, Morocco, Ghana, Côte d’Ivoire, Uganda, Tunisia and South Africa.