Jumia [NYSE: JMIA] Share Skyrocketed after CEO’s Purchase of Jumia ADS

Shares of Jumia Technologies AG [NYSE: JMIA] jumped 7.68% at the time of writing on Tuesday after the firm disclosed that Jeremy Hodara, co-Chief Executive Officer of Jumia has informed the firm of the buying of 50,000 Jumia ADS. Jeremy Hodara has disclosed the buying of Jumia ADS using personal funds on the open market at the current market price.

Jumia Technologies AG [NYSE: JMIA] shares skyrocketed 7.68% as it has gained +1.51 at the time of writing on Tuesday. Jumia Technologies AG’s share price went from a low point around $7.00 to briefly over $69.89 in the past 52 weeks, though shares have since pulled back to $21.17. Jumia’s market cap has remained high, reaching $1.94 billion at the time of writing.

It has been disclosed that buying was executed on September 13, 2021, in accord with applicable securities laws, rules, and guidelines promulgated thereunder. JMIA has earned a reputation as a prominent pan-African e-commerce platform. Jumia’s platform comprises its marketplace, which links sellers with buyers, its logistics service, and its payment service.

Furthermore, in its Q2 earnings call, Jumia executives disclosed that they were aiming on quickening user growth with enhanced advertising spending. Sales and advertising expenses rose 115% compared to last year, and 2% from the comparable 2019 quarter.