Royal Bank of Canada Upgrades Jumia Technologies (NYSE:JMIA) to “Hold”

Royal Bank of Canada upgraded shares of Jumia Technologies (NYSE:JMIA) to a hold rating in a report released on Tuesday,Zacks.com reports.

Separately, Benchmark reduced their target price on Jumia Technologies from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th.

Jumia Technologies Price Performance

Shares of NYSE JMIA opened at $3.72 on Tuesday. Jumia Technologies has a 1 year low of $2.66 and a 1 year high of $15.04. The company has a quick ratio of 1.73, a current ratio of 1.80 and a debt-to-equity ratio of 0.07. The stock’s 50-day simple moving average is $4.79 and its 200-day simple moving average is $6.63.

Hedge Funds Weigh In On Jumia Technologies

A number of hedge funds have recently added to or reduced their stakes in JMIA. Virtu Financial LLC bought a new position in shares of Jumia Technologies in the 1st quarter worth about $705,000. International Assets Investment Management LLC raised its stake in Jumia Technologies by 685.9% during the third quarter. International Assets Investment Management LLC now owns 145,782 shares of the company’s stock worth $778,000 after acquiring an additional 127,232 shares during the period. Bleakley Financial Group LLC acquired a new position in Jumia Technologies in the third quarter valued at approximately $84,000. Millennium Management LLC grew its holdings in shares of Jumia Technologies by 393.4% during the second quarter. Millennium Management LLC now owns 372,920 shares of the company’s stock valued at $2,618,000 after purchasing an additional 297,333 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Jumia Technologies during the 2nd quarter worth approximately $931,000. Institutional investors and hedge funds own 16.50% of the company’s stock.

About Jumia Technologies

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.