Shares of Jumia Technologies (NYSE: JMIA) are having one of their worst days in a long time. As of 2:25 p.m. EDT on Tuesday, Jumia stock is down 23.8%, falling hard and fast after jumping 10% higher at the open this morning. Today's sell-off is a sharp reversal from what investors have enjoyed over the past few months. In the last week alone, shares are still up nearly 60%, and investors are still sitting on 413% in gains since late March.
Just like yesterday's big 28% gain, today's sell-off doesn't look to have any specific news driving it. The selling is likely just the other side of Monday's buying: investors looking to capitalize on this fast-moving e-commerce stock, likely by selling on the massive recent gains, and taking some profits.
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