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Why Shares of Jumia Technologies Shot Higher Today

TheMotleyFool

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Why Shares of Jumia Technologies Shot Higher Today

Shares of Jumia Technologies (NYSE: JMIA) traded up more than 10% as of midday EST on Wednesday, after a prominent investor best known for going short said the African e-commerce company's stock is poised to go higher after a great holiday season. The midday move is even more impressive considering shares of Jumia were down almost 5% on Wednesday prior to the tweet.

Jumia, a German company that provides e-commerce sales and services in a number of African countries, has been a battleground stock for the better part of a couple years. Bulls marvel at the potential of Jumia becoming the Amazon of Africa, while bears worry about the logistical and other hurdles it faces trying to get there.