Parsons Capital Management Inc. RI Lowers Stake in Coupang, Inc. $CPNG

Parsons Capital Management Inc. RI lowered its stake in shares of Coupang, Inc. (NYSE:CPNG) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 143,933 shares of the company’s stock after selling 2,400 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Coupang were worth $4,312,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Dodge & Cox raised its position in Coupang by 101.6% in the 1st quarter. Dodge & Cox now owns 40,784,920 shares of the company’s stock worth $894,413,000 after purchasing an additional 20,555,600 shares during the period. GQG Partners LLC purchased a new position in Coupang in the 1st quarter worth $168,127,000. Massachusetts Financial Services Co. MA raised its position in Coupang by 436.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 8,686,580 shares of the company’s stock worth $190,497,000 after purchasing an additional 7,067,830 shares during the period. Nuveen LLC purchased a new position in Coupang in the 1st quarter worth $75,775,000. Finally, Assenagon Asset Management S.A. raised its position in Coupang by 204.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 3,352,002 shares of the company’s stock worth $73,509,000 after purchasing an additional 2,251,819 shares during the period. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Arete Research assumed coverage on shares of Coupang in a research report on Thursday, September 18th. They issued a “buy” rating and a $40.00 target price on the stock. Deutsche Bank Aktiengesellschaft cut shares of Coupang from a “buy” rating to a “hold” rating and set a $27.00 target price on the stock. in a research report on Wednesday, August 6th. Morgan Stanley raised their price target on shares of Coupang from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, August 20th. Arete started coverage on shares of Coupang in a report on Thursday, September 18th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Wall Street Zen lowered shares of Coupang from a “buy” rating to a “hold” rating in a report on Sunday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Coupang has an average rating of “Moderate Buy” and an average target price of $33.11.

Coupang Price Performance

Shares of Coupang stock opened at $32.48 on Thursday. The company’s fifty day simple moving average is $30.14 and its two-hundred day simple moving average is $27.51. The firm has a market cap of $59.21 billion, a PE ratio of 162.40 and a beta of 1.18. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.18. Coupang, Inc. has a 12-month low of $19.02 and a 12-month high of $34.08.

Coupang (NYSE:CPNG) last announced its earnings results on Tuesday, August 5th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.05). The company had revenue of $8.52 billion for the quarter, compared to the consensus estimate of $8.34 billion. Coupang had a net margin of 1.13% and a return on equity of 7.47%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.07 EPS. As a group, equities analysts expect that Coupang, Inc. will post 0.17 EPS for the current year.

Insider Activity

In other news, Director Benjamin Sun sold 815,797 shares of Coupang stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $31.88, for a total transaction of $26,007,608.36. Following the sale, the director owned 503,624 shares of the company’s stock, valued at approximately $16,055,533.12. The trade was a 61.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Pedro Franceschi sold 21,428 shares of Coupang stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $32.05, for a total transaction of $686,767.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 988,983 shares of company stock worth $31,203,966. 12.78% of the stock is owned by company insiders.

About Coupang

Coupang, Inc, together with its subsidiaries owns and operates retail business through its mobile applications and Internet websites primarily in South Korea. The company operates through Product Commerce and Developing Offerings segments. It sells various products and services in the categories of home goods and décor products, apparel, beauty products, fresh food and groceries, sporting goods, electronics, and everyday consumables, as well as travel, and restaurant order and delivery services.