Coupang, Inc. $CPNG Shares Acquired by Light Street Capital Management LLC

by · The Cerbat Gem

Light Street Capital Management LLC grew its position in shares of Coupang, Inc. (NYSE:CPNG – Free Report) by 92.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,025,000 shares of the company’s stock after buying an additional 973,043 shares during the quarter. Coupang makes up about 3.9% of Light Street Capital Management LLC’s investment portfolio, making the stock its 10th largest holding. Light Street Capital Management LLC owned approximately 0.11% of Coupang worth $35,174,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CPNG. Nykredit A S bought a new position in Coupang during the second quarter valued at approximately $1,270,000. Corient Private Wealth LP increased its stake in shares of Coupang by 490.6% during the 2nd quarter. Corient Private Wealth LP now owns 655,963 shares of the company’s stock worth $11,394,000 after purchasing an additional 544,899 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Coupang by 326.1% during the 2nd quarter. California State Teachers Retirement System now owns 305,590 shares of the company’s stock valued at $5,308,000 after purchasing an additional 233,876 shares in the last quarter. Wedmont Private Capital lifted its stake in shares of Coupang by 126.4% in the 2nd quarter. Wedmont Private Capital now owns 139,669 shares of the company’s stock valued at $2,626,000 after purchasing an additional 77,970 shares during the last quarter. Finally, Irenic Capital Management LP bought a new stake in Coupang in the second quarter worth $43,164,000. Institutional investors and hedge funds own 83.72% of the company’s stock.

Insiders Place Their Bets

In other Coupang news, CAO Jonathan D. Lee sold 5,519 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $16.10, for a total value of $88,855.90. Following the completion of the sale, the chief accounting officer directly owned 181,915 shares of the company’s stock, valued at $2,928,831.50. This represents a 2.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Harold Rogers sold 192,110 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $16.18, for a total transaction of $3,108,339.80. Following the completion of the sale, the insider owned 740,931 shares in the company, valued at $11,988,263.58. This represents a 20.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 12.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upgraded Coupang from a “hold” rating to a “buy” rating and decreased their price target for the stock from $23.00 to $21.50 in a research note on Wednesday, August 5th. Barclays reiterated an “overweight” rating and set a $29.00 price target on shares of Coupang in a report on Tuesday, July 7th. The Goldman Sachs Group set a $31.00 price target on shares of Coupang in a research report on Thursday, July 9th. CLSA began coverage on shares of Coupang in a research note on Monday, June 15th. They issued an “outperform” rating and a $24.00 price objective for the company. Finally, Bank of America lowered their target price on shares of Coupang from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $25.39.

Read Our Latest Research Report on Coupang

Coupang Stock Performance

CPNG traded down $0.47 during midday trading on Tuesday, reaching $14.82. The company’s stock had a trading volume of 20,494,052 shares, compared to its average volume of 22,433,451. The company has a current ratio of 0.87, a quick ratio of 0.68 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $16.65 and a 200 day simple moving average of $17.71. The stock has a market cap of $26.65 billion, a P/E ratio of -34.48 and a beta of 1.15. Coupang, Inc. has a twelve month low of $14.70 and a twelve month high of $34.08.

Coupang (NYSE:CPNG – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.18. Coupang had a negative return on equity of 8.77% and a negative net margin of 2.16%.The company had revenue of $8.86 billion during the quarter, compared to analyst estimates of $8.92 billion. During the same period in the previous year, the company earned $0.02 earnings per share. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. Research analysts expect that Coupang, Inc. will post -0.46 earnings per share for the current year.

Coupang Profile

(Free Report)

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.

Further Reading

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