Jumia Technologies (NYSE:JMIA) Upgraded by Royal Bank of Canada to “Outperform”

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Royal Bank of Canada upgraded shares of Jumia Technologies (NYSE:JMIA) from a sector perform rating to an outperform rating in a research report released on Wednesday, BenzingaRatingsTable reports. The firm currently has $30.00 price objective on the stock, down from their prior price objective of $40.00. The analysts noted that the move was a valuation call.

JMIA has been the topic of several other reports. Zacks Investment Research lowered shares of Jumia Technologies from a hold rating to a sell rating in a report on Wednesday, July 10th. Citigroup increased their target price on shares of Jumia Technologies to $41.00 and gave the stock a neutral rating in a report on Tuesday, May 14th. Morgan Stanley upgraded shares of Jumia Technologies from an underweight rating to an equal weight rating and cut their target price for the stock from $22.00 to $13.00 in a report on Tuesday, August 20th. William Blair started coverage on shares of Jumia Technologies in a report on Tuesday, May 7th. They issued a market perform rating on the stock. Finally, Stifel Nicolaus upgraded shares of Jumia Technologies from a hold rating to a buy rating in a report on Monday, May 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $30.00.

Shares of NYSE JMIA opened at $12.77 on Wednesday. The firm has a 50 day simple moving average of $18.56. Jumia Technologies has a fifty-two week low of $11.30 and a fifty-two week high of $49.77.

Several hedge funds have recently modified their holdings of JMIA. CenterStar Asset Management LLC bought a new stake in shares of Jumia Technologies during the second quarter worth $52,000. Winslow Evans & Crocker Inc. bought a new position in Jumia Technologies in the second quarter valued at $68,000. Steward Partners Investment Advisory LLC bought a new position in Jumia Technologies in the second quarter valued at $151,000. CSat Investment Advisory L.P. bought a new position in Jumia Technologies in the second quarter valued at $175,000. Finally, Royal Bank of Canada bought a new position in shares of Jumia Technologies in the 2nd quarter valued at about $370,000. 15.24% of the stock is owned by 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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