21,124,736 Shares in Coupang, Inc. $CPNG Purchased by Norges Bank

Norges Bank acquired a new position in shares of Coupang, Inc. (NYSE:CPNG) during the 4th quarter, HoldingsChannel reports. The firm acquired 21,124,736 shares of the company’s stock, valued at approximately $498,333,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Coupang by 343.5% in the third quarter. Vanguard Group Inc. now owns 28,595,825 shares of the company’s stock worth $920,786,000 after buying an additional 22,147,432 shares during the period. Bank of America Corp DE increased its position in Coupang by 198.8% in the third quarter. Bank of America Corp DE now owns 5,510,247 shares of the company’s stock worth $177,430,000 after buying an additional 3,666,227 shares during the period. Jacobs Levy Equity Management Inc. increased its position in Coupang by 249.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 4,685,047 shares of the company’s stock worth $150,859,000 after buying an additional 3,343,171 shares during the period. State Street Corp increased its position in Coupang by 21.2% in the third quarter. State Street Corp now owns 18,964,373 shares of the company’s stock worth $610,653,000 after buying an additional 3,322,598 shares during the period. Finally, Northern Trust Corp increased its position in Coupang by 46.3% in the third quarter. Northern Trust Corp now owns 8,911,334 shares of the company’s stock worth $286,945,000 after buying an additional 2,819,768 shares during the period. Institutional investors and hedge funds own 83.72% of the company’s stock.

Insider Activity at Coupang

In related news, Director Neil Mehta acquired 3,000,000 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average price of $18.68 per share, for a total transaction of $56,040,000.00. Following the completion of the purchase, the director directly owned 52,978,114 shares of the company’s stock, valued at $989,631,169.52. The trade was a 6.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have purchased a total of 7,350,104 shares of company stock worth $136,566,051 in the last quarter. 12.83% of the stock is owned by company insiders.

Coupang Price Performance

Shares of CPNG opened at $16.61 on Monday. The firm has a market capitalization of $29.81 billion, a price-to-earnings ratio of -184.51 and a beta of 1.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.76 and a current ratio of 0.97. Coupang, Inc. has a one year low of $15.03 and a one year high of $34.08. The stock’s fifty day moving average is $18.53 and its 200-day moving average is $20.93.

Coupang (NYSE:CPNG) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.06). The business had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.48 billion. Coupang had a negative net margin of 0.47% and a negative return on equity of 3.67%. Coupang’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period last year, the business posted $0.06 earnings per share. Equities analysts anticipate that Coupang, Inc. will post -0.17 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on CPNG shares. Citigroup lowered Coupang from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $23.00 to $22.20 in a research report on Wednesday, May 6th. Sanford C. Bernstein restated an “underperform” rating on shares of Coupang in a research note on Monday, March 2nd. UBS Group set a $25.00 price target on shares of Coupang in a research note on Thursday, February 19th. Barclays raised their price target on shares of Coupang from $24.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Finally, Wall Street Zen lowered shares of Coupang from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 14th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $26.92.

Coupang Profile

Coupang, listed on the New York Stock Exchange under the ticker CPNG, is a South Korean e-commerce company headquartered in Seoul. Founded in 2010 by Bom Kim, the company grew rapidly by combining an online marketplace with a large direct-retail business model. Coupang completed a primary listing in the United States in 2021, and it has become one of South Korea’s leading online retailers by focusing on convenience, speed and a wide product assortment across consumer categories.

The company operates a vertically integrated e-commerce platform that includes a customer-facing marketplace and an extensive logistics and fulfillment network.