JMIA - Why Jumia Technologies Stock Soared 30% on Tuesday
2024-07-09 14:59:23 ET
Jumia Technologies (NYSE: JMIA) is hardly a household name in the United States, but a lot of investors are getting familiar with the rising African e-commerce star on Tuesday, after a Benchmark analyst initiated coverage of Jumia with a "buy" rating and a $14 price target.
Valued at just $8 and change before today's rating, Jumia shares soared in afternoon trading, passing $11 a share by 1:45 p.m. ET -- a 30% gain.
Writing in StreetInsider.com this morning, Benchmark's Fawne Jiang says that thanks to a demographic explosion in Africa, Jumia is "poised to benefit" from "multi-year and potentially multi-decade e-commerce growth." Africa, argues the analyst, is a market both "vast" and "underserved," and Jumia is offering "tailor-made ... logistics and payment services" to help expand e-commerce on the continent.
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Why Jumia Technologies Stock Soared 30% on Tuesday