Bank of America Corp DE Sells 417,644 Shares of Coupang, Inc. $CPNG

Bank of America Corp DE cut its stake in shares of Coupang, Inc. (NYSE:CPNG) by 7.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,140,007 shares of the company’s stock after selling 417,644 shares during the period. Bank of America Corp DE’s holdings in Coupang were worth $97,043,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Coupang in the 4th quarter valued at approximately $498,333,000. Assenagon Asset Management S.A. increased its holdings in Coupang by 1,394.1% during the first quarter. Assenagon Asset Management S.A. now owns 17,117,583 shares of the company’s stock worth $323,180,000 after buying an additional 15,971,942 shares during the last quarter. Tiger Global Management LLC increased its holdings in Coupang by 65.9% during the fourth quarter. Tiger Global Management LLC now owns 26,267,259 shares of the company’s stock worth $619,645,000 after buying an additional 10,429,680 shares during the last quarter. Capital International Investors raised its position in Coupang by 20.4% during the fourth quarter. Capital International Investors now owns 41,131,036 shares of the company’s stock worth $970,340,000 after acquiring an additional 6,977,942 shares in the last quarter. Finally, Dragoneer Investment Group LLC raised its position in Coupang by 47.1% during the fourth quarter. Dragoneer Investment Group LLC now owns 21,576,556 shares of the company’s stock worth $508,991,000 after acquiring an additional 6,910,865 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

Coupang Stock Performance

NYSE CPNG opened at $16.25 on Friday. The stock has a market cap of $29.18 billion, a PE ratio of -37.80 and a beta of 1.13. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.76 and a current ratio of 0.87. The firm has a 50-day moving average of $17.01 and a 200-day moving average of $18.15. Coupang, Inc. has a 52-week low of $14.92 and a 52-week high of $34.08.

Coupang (NYSE:CPNG) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.06). The company had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.48 billion. Coupang had a negative net margin of 2.16% and a negative return on equity of 8.77%. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the company posted $0.06 EPS. On average, sell-side analysts anticipate that Coupang, Inc. will post -0.36 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on CPNG. Citigroup downgraded shares of Coupang from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $23.00 to $22.20 in a research report on Wednesday, May 6th. Barclays reiterated an “overweight” rating and issued a $29.00 target price on shares of Coupang in a research note on Tuesday, July 7th. Mizuho set a $22.00 price target on Coupang in a report on Wednesday. Bank of America lowered their price target on Coupang from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, The Goldman Sachs Group set a $31.00 price objective on Coupang in a research report on Thursday, July 9th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $25.39.

Coupang Profile

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.