Coupang (NYSE:CPNG) Shares Gap Down Following Weak Earnings

Coupang, Inc. (NYSE:CPNG) shares gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $23.65, but opened at $22.09. Coupang shares last traded at $21.55, with a volume of 10,822,636 shares changing hands.

The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $7.11 billion for the quarter, compared to analysts’ expectations of $6.95 billion. Coupang had a return on equity of 15.04% and a net margin of 5.57%. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 EPS.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CPNG shares. Citigroup upgraded shares of Coupang from a “neutral” rating to a “buy” rating and increased their target price for the company from $19.00 to $26.00 in a research report on Monday, April 15th. Barclays upped their price objective on Coupang from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Bank of America assumed coverage on Coupang in a research note on Friday, May 3rd. They issued a “buy” rating and a $30.00 price target on the stock. TheStreet raised shares of Coupang from a “d+” rating to a “c-” rating in a research note on Tuesday, March 5th. Finally, Mizuho increased their price objective on shares of Coupang from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.92.

Insider Buying and Selling at Coupang

In other Coupang news, major shareholder Svf Investments (Uk) Ltd sold 31,614,154 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $19.01, for a total transaction of $600,985,067.54. Following the sale, the insider now owns 364,542,259 shares in the company, valued at approximately $6,929,948,343.59. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Coupang news, insider Harold Rogers sold 139,080 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $18.25, for a total value of $2,538,210.00. Following the transaction, the insider now directly owns 394,192 shares in the company, valued at $7,194,004. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Svf Investments (Uk) Ltd sold 31,614,154 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $19.01, for a total transaction of $600,985,067.54. Following the sale, the insider now owns 364,542,259 shares of the company’s stock, valued at approximately $6,929,948,343.59. The disclosure for this sale can be found here. Insiders sold 33,355,282 shares of company stock valued at $633,457,030 in the last 90 days. Company insiders own 14.90% of the company’s stock.

Institutional Investors Weigh In On Coupang

A number of institutional investors and hedge funds have recently bought and sold shares of CPNG. WCM Investment Management LLC increased its holdings in shares of Coupang by 2,250.9% in the 1st quarter. WCM Investment Management LLC now owns 44,926,485 shares of the company’s stock valued at $799,242,000 after acquiring an additional 43,015,433 shares during the period. Baillie Gifford & Co. raised its position in Coupang by 21.6% during the 4th quarter. Baillie Gifford & Co. now owns 145,524,128 shares of the company’s stock worth $2,356,036,000 after buying an additional 25,843,034 shares during the last quarter. Norges Bank acquired a new stake in shares of Coupang in the 4th quarter worth $250,714,000. Pacer Advisors Inc. boosted its holdings in shares of Coupang by 104,032.2% in the fourth quarter. Pacer Advisors Inc. now owns 10,944,299 shares of the company’s stock valued at $177,188,000 after acquiring an additional 10,933,789 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Coupang by 217.1% during the first quarter. Assenagon Asset Management S.A. now owns 2,909,546 shares of the company’s stock worth $51,761,000 after acquiring an additional 1,992,092 shares during the period. 83.72% of the stock is owned by hedge funds and other institutional investors.

Coupang Stock Down 8.1 %

The firm’s fifty day moving average is $19.79 and its 200-day moving average is $17.21. The stock has a market capitalization of $38.99 billion, a PE ratio of 28.80, a PEG ratio of 19.21 and a beta of 1.13. The company has a quick ratio of 0.90, a current ratio of 1.14 and a debt-to-equity ratio of 0.13.

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.