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.