Chescapmanager LLC reduced its position in Coupang, Inc. (NYSE:CPNG – Get Rating) by 11.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 817,133 shares of the company's stock after selling 106,681 shares during the quarter. Coupang makes up approximately 2.5% of Chescapmanager LLC's portfolio, making the stock its 18th biggest position. Chescapmanager LLC's holdings in Coupang were worth $10,418,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. California Public Employees Retirement System purchased a new position in Coupang in the first quarter worth approximately $13,376,000. TD Asset Management Inc. increased its stake in Coupang by 17.7% in the second quarter. TD Asset Management Inc. now owns 47,992 shares of the company's stock valued at $612,000 after purchasing an additional 7,228 shares during the last quarter. Evoke Wealth LLC increased its stake in Coupang by 34.3% in the first quarter. Evoke Wealth LLC now owns 52,851 shares of the company's stock valued at $934,000 after purchasing an additional 13,512 shares during the last quarter. Grimes & Company Inc. boosted its holdings in shares of Coupang by 1.9% in the 2nd quarter. Grimes & Company Inc. now owns 310,838 shares of the company's stock valued at $3,963,000 after buying an additional 5,676 shares in the last quarter. Finally, Ledyard National Bank raised its stake in Coupang by 12.3% during the 2nd quarter. Ledyard National Bank now owns 753,876 shares of the company's stock worth $9,612,000 after acquiring an additional 82,868 shares in the last quarter. 71.59% of the stock is currently owned by hedge funds and other institutional investors.
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Insider Activity at Coupang
In other Coupang news, Director Benjamin Sun sold 50,000 shares of the business's stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $19.15, for a total transaction of $957,500.00. Following the transaction, the director now owns 2,339,473 shares in the company, valued at approximately $44,800,907.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Greenoaks Capital Partners Llc sold 1,250,000 shares of the stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $18.14, for a total value of $22,675,000.00. Following the completion of the transaction, the director now owns 71,601,928 shares in the company, valued at approximately $1,298,858,973.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Benjamin Sun sold 50,000 shares of the business's stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $19.15, for a total transaction of $957,500.00. Following the sale, the director now directly owns 2,339,473 shares in the company, valued at approximately $44,800,907.95. The disclosure for this sale can be found here. 16.70% of the stock is owned by insiders.
Coupang Stock Performance
Shares of Coupang stock traded up $0.22 on Friday, reaching $19.82. 105,181 shares of the stock were exchanged, compared to its average volume of 8,965,402. The firm has a market capitalization of $35.09 billion, a PE ratio of -58.17 and a beta of 1.02. Coupang, Inc. has a 1-year low of $8.98 and a 1-year high of $30.65. The business has a fifty day moving average price of $17.77 and a two-hundred day moving average price of $16.13. The company has a current ratio of 1.22, a quick ratio of 0.87 and a debt-to-equity ratio of 0.78.
Analyst Ratings Changes
Several equities analysts have issued reports on CPNG shares. HSBC started coverage on Coupang in a report on Friday, October 7th. They set a "buy" rating and a $27.80 price objective on the stock. Deutsche Bank Aktiengesellschaft lowered shares of Coupang from a "buy" rating to a "hold" rating and raised their target price for the stock from $15.00 to $18.50 in a research report on Thursday, August 11th. Morgan Stanley upped their price target on shares of Coupang from $18.00 to $25.00 and gave the company an "overweight" rating in a research report on Monday, August 15th. Macquarie began coverage on shares of Coupang in a research report on Tuesday, August 9th. They set an "outperform" rating and a $26.00 price objective on the stock. Finally, Mizuho reduced their target price on shares of Coupang from $22.00 to $20.00 and set a "neutral" rating for the company in a report on Thursday, November 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Coupang currently has an average rating of "Moderate Buy" and an average target price of $22.37.
Coupang Company Profile
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Coupang, Inc owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. It operates through two segments, Product Commerce and Growth Initiatives. The company 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.
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