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Why Jumia Technologies Stock Flopped on Friday

TheMotleyFool

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Why Jumia Technologies Stock Flopped on Friday: https://g.foolcdn.com/editorial/images/838533/person-seated-at-a-desk-with-two-pc-monitors-holding-head-in-hands.jpg

The stock of African e-commerce company Jumia Technologies (NYSE: JMIA) ended the week on a down note Friday. The company's shares lost more than 9% of their value following a rather aggressive downgrade from an analyst. That occurred on a trading day when the S 500 index rose by 0.5%.

Well before market open, Aletheia Capital's Nirgunan Tiruchelvam pushed his Jumia recommendation two steps down -- to sell from his previous buy. His price target on the stock is $7.50 per share, quite some distance below its most recent close of $10.75.

Image source: Getty Images.

Source Fool.com

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