Coupang (NYSE:CPNG) Shares Gap Up After Insider Buying Activity

Coupang, Inc. (NYSE:CPNG)’s share price gapped up prior to trading on Monday following insider buying activity. The stock had previously closed at $18.45, but opened at $19.68. Coupang shares last traded at $20.30, with a volume of 6,941,903 shares traded.

Specifically, 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 bought at an average cost of $18.40 per share, for a total transaction of $42,924,679.20. Following the completion of the transaction, the director directly owned 55,310,977 shares of the company’s stock, valued at $1,017,721,976.80. This trade represents a 4.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Neil Mehta acquired 3,000,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The stock was purchased at an average price of $18.68 per share, with a total value of $56,040,000.00. Following the acquisition, the director owned 52,978,114 shares of the company’s stock, valued at $989,631,169.52. This represents a 6.00% increase in their position. The disclosure for this purchase is available in the SEC filing. In other Coupang news, Director Neil Mehta bought 2,017,241 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average price of $18.64 per share, for a total transaction of $37,601,372.24. Following the acquisition, the director owned 49,978,114 shares in the company, valued at approximately $931,592,044.96. This represents a 4.21% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Nomura decreased their price target on shares of Coupang from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, March 2nd. UBS Group set a $25.00 price objective on shares of Coupang in a report on Thursday, February 19th. Weiss Ratings downgraded shares of Coupang from a “hold (c)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Mizuho lowered their target price on shares of Coupang from $32.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, February 27th. Finally, Citigroup dropped their price target on Coupang from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $26.70.

Coupang Price Performance

The firm has a 50-day moving average of $19.58 and a 200-day moving average of $25.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.79 and a current ratio of 1.04. The firm has a market capitalization of $37.42 billion, a P/E ratio of 168.67 and a beta of 1.20.

Coupang (NYSE:CPNG) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). The business had revenue of $8.84 billion during the quarter, compared to analysts’ expectations of $9.12 billion. Coupang had a return on equity of 4.52% and a net margin of 0.60%.The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.04 EPS. As a group, analysts predict that Coupang, Inc. will post 0.17 EPS for the current year.

Institutional Investors Weigh In On Coupang

Several hedge funds and other institutional investors have recently modified their holdings of CPNG. Sunbelt Securities Inc. bought a new position in shares of Coupang in the third quarter worth about $26,000. Orion Capital Management LLC purchased a new stake in Coupang in the 3rd quarter worth $32,000. Hilltop National Bank purchased a new position in shares of Coupang in the third quarter valued at about $34,000. Fifth Third Bancorp grew its position in shares of Coupang by 1,250.0% during the third quarter. Fifth Third Bancorp now owns 1,080 shares of the company’s stock worth $35,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Reflection Asset Management purchased a new position in Coupang in the 4th quarter worth approximately $28,000. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

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.