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Why Jumia Technologies Dived by Nearly 10% Today

·2 min read
Why Jumia Technologies Dived by Nearly 10% Today
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Monday was not a good day to be an investor of African e-commerce specialist Jumia Technologies (NYSE: JMIA). In the wake of a disappointing earnings report published earlier this month, one analyst at a prominent investment bank has become more bearish on the stock; his analysis helped push Jumia's share price down by almost 10% on the day. Analyst Luke Holbrook has taken over coverage of Jumia stock for Morgan Stanley, and he wasted little time downshifting the investment bank's recommendation.