On October 17, 2025, Capital downgraded Jumia to Sell from Buy, citing concerns about Jumia's net working capital position. The Aletheia analyst considered Jumia's improvements in the metric to be temporary and unsustainable, and also noted that Jumia's stock is priced higher than peer e-commerce stocks in terms of enterprise value-to-sales ratio.
Following this news, Jumia's American Depositary Receipt ("ADR") price fell over 9% on October 17, 2025.
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