Connable Office Inc. Trims Stake in Coupang, Inc. $CPNG

Connable Office Inc. reduced its position in Coupang, Inc. (NYSE:CPNG) by 6.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 42,148 shares of the company’s stock after selling 3,125 shares during the period. Connable Office Inc.’s holdings in Coupang were worth $1,263,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CPNG. Dodge & Cox lifted its holdings in shares of Coupang by 101.6% in the 1st quarter. Dodge & Cox now owns 40,784,920 shares of the company’s stock valued at $894,413,000 after purchasing an additional 20,555,600 shares during the last quarter. GQG Partners LLC purchased a new stake in shares of Coupang in the 1st quarter valued at about $168,127,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Coupang by 436.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 8,686,580 shares of the company’s stock valued at $190,497,000 after purchasing an additional 7,067,830 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Coupang in the 1st quarter valued at about $75,775,000. Finally, AustralianSuper Pty Ltd purchased a new stake in shares of Coupang in the 2nd quarter valued at about $51,313,000. 83.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft downgraded Coupang from a “buy” rating to a “hold” rating and set a $27.00 target price for the company. in a report on Wednesday, August 6th. Zacks Research downgraded Coupang from a “hold” rating to a “strong sell” rating in a research note on Monday, October 6th. Arete initiated coverage on Coupang in a research note on Thursday, September 18th. They set a “buy” rating and a $40.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coupang in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded Coupang from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Coupang has an average rating of “Moderate Buy” and an average target price of $33.50.

Coupang Stock Performance

CPNG opened at $32.00 on Tuesday. The stock has a market cap of $58.34 billion, a P/E ratio of 160.02 and a beta of 1.18. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.09 and a quick ratio of 0.84. The stock’s 50 day simple moving average is $31.49 and its 200 day simple moving average is $29.21. Coupang, Inc. has a 1-year low of $19.02 and a 1-year high of $34.08.

Coupang (NYSE:CPNG) last released its quarterly 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 firm had revenue of $8.52 billion during the quarter, compared to analyst estimates of $8.34 billion. Coupang had a return on equity of 7.47% and a net margin of 1.13%.The business’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 EPS. As a group, equities analysts anticipate that Coupang, Inc. will post 0.17 EPS for the current fiscal year.

Insider Transactions at Coupang

In related news, Director Pedro Franceschi sold 21,428 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $32.05, for a total value of $686,767.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Gaurav Anand sold 75,350 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $27.79, for a total value of $2,093,976.50. Following the completion of the sale, the chief financial officer owned 2,016,940 shares in the company, valued at approximately $56,050,762.60. This represents a 3.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 977,330 shares of company stock worth $30,864,398. 12.78% of the stock is currently owned by 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.