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JMIA - Why Jumia Technologies Stock More Than Doubled Last Month
Jumia Technologies AG American Depositary Shares each representing two
Shares of Jumia Technologies (NYSE: JMIA) were soaring last month even as investors largely rejected the African e-commerce company's third-quarter earnings report, selling the stock on the news. Later in the month, a speculative frenzy driven by a possible short squeeze and bullish remarks by well-known investors lifted the stock. As a result, the Jumia shares finished November up 115%, according to data from S&P Global Market Intelligence .
As you can see from the chart below, the gains came primarily in the third week of the month.