Jumia Technologies Could Reach $22, Citron Says

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Jumia Technologies Could Reach $22, Citron Says
Credit: © Reuters.

By Sam Boughedda

Investing.com — Jumia Technologies AG (NYSE: JMIA ) shares "could be $22 before earnings," Citron Research told investors in a tweet on Wednesday.

Jumia, an online marketplace based in Lagos, Nigeria, has seen its shares slide around $55 since its intraday high of $69.89 back in February. They are currently around $14.69.

However, Citron questioned whether the recent Black Friday holiday could be the start of a turnaround for its share price, with the company witnessing a 39% year-on-year growth in orders.

"$JMIA could this be the start? Black Fri stats show the inflection. Largest Pan African platform co. Does not need $$ and years in front of comp. Insider buying - stock could be $22 before earnings. Asymmetrical risk/reward. Not an easy road -but when it hits- POW," read the tweet.

Despite the fall this year, Jumia shares are up over 8% Wednesday, following on from the over 20% gain in Tuesday's session.

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