Shares of Africa's e-commerce company Jumia Technologies (NYSE: JMIA) soared 87.2% higher in October, according to data provided by S&P Global Market Intelligence . Since the end of October, the stock has surged almost 20% more and is now up around 160% year to date, trouncing the market. This stock was left for dead in 2019 after allegations of fraud surfaced, but Jumia got a little help from an old foe to win investors back.
Citron Research is a notorious short-seller, but in an Oct. 9 tweet on Twitter , the research firm said it does not recommend shorting Jumia stock . That's significant because in 2019, Citron was making the allegations of fraud in the first place. Citron's reversal of opinion sent Jumia stock higher, and the firm promised a full report the following week.
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Why Jumia Stock Soared an Impressive 87% in October