April was an interesting month in the stock market especially regarding new issues on both Nasdaq and the and the New York Stock Exchange (NYSE). As your number one platform for everything regarding the stock market, StockWatch247 covered some of the best performing Initial Public Offerings (IPOs) after they launched on the exchange platforms. Jumia Technologies AG (JMIA), the African Amazon [NYSE: JMIA] surprised many to emerge as a top performer rising to a 52-week high around $49 while Greenlane Holdings Inc. (GNLN) surged to highs around $29 [NASDAQ: GNLN]. In this article we will explore how these two stocks are performing more than two weeks following their successful IPOs.
Jumia Technologies AG (JMIA) Grinds closer to the 52-Week High
Following the incredible performance in the first week of going live, [NYSE: JMIA] retraced from the 50-week high at $49.77 to the main support at $32.17. Meanwhile, JMIA is up 0.02% with a relative change of +0.01 to trade at $42.98. The stock has an NLS volume of $2,787,062. It previously closed at $42.97 and has achieved an intraday high of $47.24 and a low on the day at $41.3009.
Jumia stock has a share volume of 3,502,102 and a market capitalization of $3 billion. Consequently, technical analysis show that JMIA is inching closer to another breakout following the formation a contracting triangle pattern. In addition to that, the price is trading higher highs and higher lows within the confines of an ascending channel. The 50 Simple Moving Average (SMA) is currently offering support marginally below the current price. The longer term 100 SMA will stop declines above $40.00 while other support levels include $36.00 and $32.57.
Company description as per the filing with the SEC says that Jumia technologies is “active in six regions in Africa, which consist of 14 countries that together accounted for 72% of Africa’s GDP of €2 trillion, and 74% of African consumer expenditure of €1.4 trillion in 2018, according to the IMF and Euromonitor, respectively.”
Greenlane Holdings Inc. (GNLN)
In our last coverage of [NASDAQ: GNLN], the stock was changing hands at $19.72, although it had launched on the exchange at $29. As earlier mentioned the stock value dived immediately after the opening to $18.00 on April 22. Greenlane sold its shares at an initial price of $17 resulting in $102 million of the total funds raised. The stocks volatility has not slowed, in fact, the stock can be seen trending lower within a descending channel. GNLN is trading slightly above the IPO price at $17.07. The upside is limited by the 50 SMA while the 100 SMA will hinder growth at $18.40. The RSI in the 15-minutes range is moving upwards from the base established at 40.00 to show that stock has potential correct higher in the coming sessions.
Greenlane is a leading provider of premium vaporization products for users in the United States in addition to their growing client base in Canada. The firm has about 6,600 smoke shops that are independent and a growing number of retail chain stores. The company estimates that it has presence in at least 9,700 retail locations. According to the description filed with the SEC Greenclane says that it “owns and operate two of the most visited North American direct-to-consumer e-commerce websites in the vaporization products and consumption accessories industry, VaporNation.com and VapeWorld.com, which offer convenient, flexible shopping solutions directly to consumers.”