Norges Bank Makes New Investment in Coupang, Inc. $CPNG

Norges Bank acquired a new position in Coupang, Inc. (NYSE:CPNG) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 21,124,736 shares of the company’s stock, valued at approximately $498,333,000. Norges Bank owned approximately 1.16% of Coupang at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CPNG. EverSource Wealth Advisors LLC raised its position in shares of Coupang by 72.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,316 shares of the company’s stock valued at $99,000 after purchasing an additional 1,395 shares in the last quarter. Baird Financial Group Inc. raised its position in shares of Coupang by 52.8% in the 2nd quarter. Baird Financial Group Inc. now owns 23,471 shares of the company’s stock valued at $703,000 after purchasing an additional 8,107 shares in the last quarter. Cerity Partners LLC raised its position in shares of Coupang by 48.1% in the 2nd quarter. Cerity Partners LLC now owns 45,252 shares of the company’s stock valued at $1,356,000 after purchasing an additional 14,703 shares in the last quarter. State Street Corp raised its position in shares of Coupang by 8.4% in the 2nd quarter. State Street Corp now owns 15,641,775 shares of the company’s stock valued at $468,628,000 after purchasing an additional 1,210,801 shares in the last quarter. Finally, AXA S.A. acquired a new position in shares of Coupang in the 2nd quarter valued at approximately $411,000. Institutional investors and hedge funds own 83.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CPNG shares. Nomura cut their target price on Coupang from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, March 2nd. Mizuho cut their target price on Coupang from $32.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, February 27th. Deutsche Bank Aktiengesellschaft lowered shares of Coupang from a “buy” rating to a “hold” rating and set a $23.00 target price on the stock. in a research note on Wednesday, May 6th. Wall Street Zen lowered shares of Coupang from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 14th. Finally, UBS Group set a $25.00 target price on shares of Coupang in a research note on Thursday, February 19th. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $26.92.

Insider Activity

In other news, Director Neil Mehta purchased 2,332,863 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average cost of $18.40 per share, with a total value of $42,924,679.20. Following the transaction, the director owned 55,310,977 shares in the company, valued at approximately $1,017,721,976.80. The trade was a 4.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders purchased 7,350,104 shares of company stock worth $136,566,051. Corporate insiders own 12.83% of the company’s stock.

Coupang Stock Performance

CPNG stock opened at $16.61 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.76 and a debt-to-equity ratio of 0.16. The firm has a market cap of $29.81 billion, a P/E ratio of -184.51 and a beta of 1.13. Coupang, Inc. has a 12-month low of $15.03 and a 12-month high of $34.08. The stock’s 50 day simple moving average is $18.53 and its 200 day simple moving average is $20.93.

Coupang (NYSE:CPNG) last posted its quarterly 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 for the quarter, compared to analyst estimates of $8.48 billion. Coupang had a negative net margin of 0.47% and a negative return on equity of 3.67%. The business’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 earnings per share. As a group, equities research analysts predict that Coupang, Inc. will post -0.17 EPS for the current year.

About Coupang

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.