Jumia Technologies (NYSE:JMIA) Price Target Cut to $22.00 by Analysts at Royal Bank of Canada

Jumia Technologies (NYSE:JMIA) had its target price lowered by Royal Bank of Canada from $30.00 to $22.00 in a research note published on Wednesday morning, The Fly reports. The firm currently has an outperform rating on the stock.

Several other research firms also recently issued reports on JMIA. Morgan Stanley raised Jumia Technologies from an underweight rating to an equal weight rating and cut their target price for the company from $22.00 to $13.00 in a research report on Tuesday, August 20th. Stifel Nicolaus reissued a buy rating and issued a $14.00 target price on shares of Jumia Technologies in a research report on Friday, November 1st. Raymond James reissued an outperform rating and issued a $23.00 target price (down from $36.00) on shares of Jumia Technologies in a research report on Thursday, August 22nd. ValuEngine downgraded Jumia Technologies from a buy rating to a hold rating in a research report on Wednesday, September 4th. Finally, Zacks Investment Research raised Jumia Technologies from a sell rating to a hold rating in a research report on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of Hold and an average price target of $23.83.

Shares of JMIA traded up $0.17 during midday trading on Wednesday, hitting $5.49. 878,993 shares of the company’s stock traded hands, compared to its average volume of 1,274,910. Jumia Technologies has a 1 year low of $5.30 and a 1 year high of $49.77. The firm’s fifty day moving average is $6.97 and its 200-day moving average is $16.78. The company has a current ratio of 3.23, a quick ratio of 3.30 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $406.36 million and a price-to-earnings ratio of -1.37.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. acquired a new position in shares of Jumia Technologies in the 2nd quarter valued at $237,842,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Jumia Technologies in the 2nd quarter valued at $28,108,000. Morgan Stanley acquired a new stake in Jumia Technologies during the 2nd quarter worth about $9,705,000. Schroder Investment Management Group acquired a new stake in Jumia Technologies during the 2nd quarter worth about $9,682,000. Finally, Summit Partners L P acquired a new stake in Jumia Technologies during the 2nd quarter worth about $7,309,000. 16.74% of the stock is currently owned by hedge funds and other institutional investors.

About Jumia Technologies

Jumia Technologies AG operates an e-commerce platform in Africa. The company's platform consists of marketplace, which connects sellers with consumers; logistics service that 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.

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