WCM Investment Management LLC Sells 46,313,322 Shares of Coupang, Inc. $CPNG

WCM Investment Management LLC trimmed its position in Coupang, Inc. (NYSE:CPNG) by 96.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,938,201 shares of the company’s stock after selling 46,313,322 shares during the quarter. WCM Investment Management LLC’s holdings in Coupang were worth $35,392,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CPNG. California State Teachers Retirement System boosted its position in Coupang by 0.5% during the 3rd quarter. California State Teachers Retirement System now owns 78,679 shares of the company’s stock valued at $2,533,000 after buying an additional 361 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Coupang by 19.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,651 shares of the company’s stock valued at $86,000 after acquiring an additional 597 shares during the period. National Bank of Canada FI raised its stake in shares of Coupang by 6.6% during the third quarter. National Bank of Canada FI now owns 9,801 shares of the company’s stock valued at $316,000 after acquiring an additional 609 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of Coupang by 9.5% during the fourth quarter. Assetmark Inc. now owns 7,150 shares of the company’s stock worth $169,000 after purchasing an additional 620 shares during the period. Finally, Vise Technologies Inc. boosted its holdings in shares of Coupang by 3.0% during the fourth quarter. Vise Technologies Inc. now owns 22,302 shares of the company’s stock worth $526,000 after purchasing an additional 642 shares during the period. 83.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CPNG. Deutsche Bank Aktiengesellschaft downgraded Coupang from a “buy” rating to a “hold” rating and set a $23.00 price target on the stock. in a report on Wednesday, May 6th. Weiss Ratings cut Coupang from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, May 7th. Bank of America cut their price objective on Coupang from $28.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. Citigroup cut Coupang from a “buy” rating to a “neutral” rating and reduced their target price for the company from $23.00 to $22.20 in a research note on Wednesday, May 6th. Finally, CLSA assumed coverage on Coupang in a report on Monday, June 15th. They set an “outperform” rating and a $24.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Coupang presently has a consensus rating of “Hold” and an average target price of $26.02.

Coupang Stock Performance

Coupang stock opened at $16.64 on Monday. Coupang, Inc. has a fifty-two week low of $14.92 and a fifty-two week high of $34.08. The stock’s 50 day simple moving average is $17.01 and its two-hundred day simple moving average is $18.82. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.76 and a current ratio of 0.97. The stock has a market cap of $29.86 billion, a price-to-earnings ratio of -184.82 and a beta of 1.11.

Coupang (NYSE:CPNG) last announced its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.06). The firm had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.48 billion. Coupang had a negative return on equity of 3.67% and a negative net margin of 0.47%.The firm’s revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.06 EPS. As a group, analysts expect that Coupang, Inc. will post -0.33 earnings per share for the current fiscal year.

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.