Citron says Jumia Technologies could be as low as $22

Citron Research told investors in a tweet Wednesday that shares of Jumia Technologies AG (NYSE: JMIA) "could reach $22 before earnings."

Jumia, an online marketplace based in Lagos, Nigeria, has seen its shares drop about $55 since their intraday high of $69.89 in February. They are currently around $14.69.

However, Citron wondered if the latest Black Friday holiday could be the start of a shift in its stock price, as the company sees 39% growth in orders year over year.

Could this $JMIA be the beginning? Black Friday stats show the inflection. Largest pan-African platform company needs no $and years to buy companies inside – stock could be $22 before earnings. Uneven risk/return. No way Easy - but when it hits - POW," read the tweet.

Despite the decline this year, Jumia shares are up more than 8% on Wednesday, followed by gains of more than 20% in the Tuesday session.

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