Why Jumia Stock Soared an Impressive 87% in October
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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