Bank of America Initiates Coverage on Coupang (NYSE:CPNG)

Equities researchers at Bank of America started coverage on shares of Coupang (NYSE:CPNG) in a research note issued on Friday, StockNewsAPI reports. The firm set a “buy” rating and a $30.00 price target on the stock. Bank of America‘s target price points to a potential upside of 30.43% from the stock’s previous close.

Several other brokerages also recently weighed in on CPNG. Barclays increased their price target on shares of Coupang from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Citigroup raised shares of Coupang from a “neutral” rating to a “buy” rating and upped their price objective for the company from $19.00 to $26.00 in a report on Monday, April 15th. Deutsche Bank Aktiengesellschaft raised shares of Coupang from a “hold” rating to a “buy” rating and raised their target price for the stock from $18.50 to $21.00 in a report on Thursday, February 29th. Finally, TheStreet raised shares of Coupang from a “d+” rating to a “c-” rating in a report on Tuesday, March 5th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.75.

Coupang Stock Performance

Shares of NYSE CPNG traded up $0.50 during mid-day trading on Friday, hitting $23.00. The stock had a trading volume of 11,693,841 shares, compared to its average volume of 15,590,514. The firm has a market cap of $41.25 billion, a PE ratio of 30.67 and a beta of 1.13. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.90 and a current ratio of 1.14. The company has a 50 day moving average of $19.65 and a two-hundred day moving average of $17.17. Coupang has a twelve month low of $13.51 and a twelve month high of $23.40.

Coupang (NYSE:CPNG) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.03. Coupang had a return on equity of 15.04% and a net margin of 5.57%. The business had revenue of $6.56 billion for the quarter, compared to the consensus estimate of $6.40 billion. During the same quarter in the previous year, the business earned $0.06 EPS. The company’s quarterly revenue was up 23.2% compared to the same quarter last year. Research analysts predict that Coupang will post 0.35 EPS for the current fiscal year.

Insider Activity at Coupang

In related news, insider Pranam Kolari sold 2,048 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $22.34, for a total transaction of $45,752.32. Following the sale, the insider now owns 187,951 shares in the company, valued at $4,198,825.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Harold Rogers sold 139,080 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $18.25, for a total transaction of $2,538,210.00. Following the completion of the transaction, the insider now directly owns 394,192 shares of the company’s stock, valued at approximately $7,194,004. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Pranam Kolari sold 2,048 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $22.34, for a total value of $45,752.32. Following the transaction, the insider now owns 187,951 shares in the company, valued at approximately $4,198,825.34. The disclosure for this sale can be found here. Insiders sold a total of 33,355,282 shares of company stock worth $633,457,030 in the last three months. Company insiders own 14.90% of the company’s stock.

Hedge Funds Weigh In On Coupang

A number of large investors have recently added to or reduced their stakes in CPNG. WCM Investment Management LLC raised its holdings in shares of Coupang by 2,250.9% during the first 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 last quarter. Baillie Gifford & Co. raised its stake in Coupang by 21.6% in the 4th quarter. Baillie Gifford & Co. now owns 145,524,128 shares of the company’s stock valued at $2,356,036,000 after purchasing an additional 25,843,034 shares during the last quarter. Norges Bank purchased a new position in Coupang in the 4th quarter valued at $250,714,000. Pacer Advisors Inc. lifted its holdings in Coupang by 104,032.2% in the 4th quarter. Pacer Advisors Inc. now owns 10,944,299 shares of the company’s stock valued at $177,188,000 after purchasing an additional 10,933,789 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Coupang by 217.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,909,546 shares of the company’s stock worth $51,761,000 after purchasing an additional 1,992,092 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

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.