Panagora Asset Management Inc. Grows Stake in Coupang, Inc. $CPNG

Panagora Asset Management Inc. raised its holdings in Coupang, Inc. (NYSE:CPNG) by 2,849.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 668,190 shares of the company’s stock after buying an additional 645,534 shares during the quarter. Panagora Asset Management Inc.’s holdings in Coupang were worth $20,019,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CPNG. Albion Financial Group UT bought a new position in Coupang in the 2nd quarter worth $30,000. SVB Wealth LLC bought a new position in Coupang in the first quarter worth about $28,000. Loomis Sayles & Co. L P purchased a new position in shares of Coupang during the 2nd quarter worth approximately $45,000. Brooklyn Investment Group lifted its stake in shares of Coupang by 43.1% in the 1st quarter. Brooklyn Investment Group now owns 1,680 shares of the company’s stock valued at $37,000 after purchasing an additional 506 shares during the period. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Coupang during the second quarter valued at approximately $58,000. Institutional investors own 83.72% of the company’s stock.

Insider Buying and Selling

In related news, VP Pranam Kolari sold 11,653 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $31.98, for a total transaction of $372,662.94. Following the sale, the vice president owned 147,023 shares in the company, valued at approximately $4,701,795.54. This represents a 7.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Benjamin Sun sold 815,797 shares of the firm’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $31.88, for a total value of $26,007,608.36. Following the completion of the sale, the director owned 503,624 shares of the company’s stock, valued at approximately $16,055,533.12. This represents a 61.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 913,633 shares of company stock worth $29,143,084. Insiders own 12.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Mizuho increased their price target on shares of Coupang from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Nomura raised Coupang from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Wednesday, August 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coupang in a report on Wednesday, October 8th. Bank of America lifted their price objective on Coupang from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Finally, Zacks Research raised shares of Coupang from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Coupang Stock Performance

CPNG opened at $26.68 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.82 and a current ratio of 1.06. The stock has a market capitalization of $48.73 billion, a price-to-earnings ratio of 127.04 and a beta of 1.18. Coupang, Inc. has a fifty-two week low of $19.02 and a fifty-two week high of $34.08. The company has a fifty day moving average of $30.46 and a 200 day moving average of $29.78.

Coupang (NYSE:CPNG) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $9.27 billion during the quarter, compared to analysts’ expectations of $9.13 billion. Coupang had a return on equity of 6.95% and a net margin of 1.16%.The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.06 EPS. As a group, sell-side analysts forecast that Coupang, Inc. will post 0.17 earnings per share for the current fiscal year.

Coupang Company Profile

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.