PNC Financial Services Group Inc. Sells 27,565 Shares of Coupang, Inc. $CPNG

PNC Financial Services Group Inc. cut its stake in shares of Coupang, Inc. (NYSE:CPNG) by 10.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 236,027 shares of the company’s stock after selling 27,565 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Coupang were worth $7,600,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently made changes to their positions in CPNG. Orion Capital Management LLC bought a new stake in Coupang in the 3rd quarter valued at $32,000. Hilltop National Bank bought a new position in Coupang during the 3rd quarter worth $34,000. Root Financial Partners LLC acquired a new stake in shares of Coupang during the third quarter worth $40,000. Loomis Sayles & Co. L P bought a new stake in shares of Coupang in the second quarter valued at about $45,000. Finally, Hollencrest Capital Management boosted its position in shares of Coupang by 3,246.0% in the second quarter. Hollencrest Capital Management now owns 1,673 shares of the company’s stock valued at $50,000 after acquiring an additional 1,623 shares during the period. Institutional investors own 83.72% of the company’s stock.

Insider Activity

In other news, CAO Jonathan D. Lee sold 2,679 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $23.62, for a total transaction of $63,277.98. Following the completion of the transaction, the chief accounting officer owned 122,096 shares of the company’s stock, valued at approximately $2,883,907.52. The trade was a 2.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.78% of the company’s stock.

Coupang Stock Performance

Shares of NYSE:CPNG opened at $18.42 on Friday. Coupang, Inc. has a 1 year low of $16.74 and a 1 year high of $34.08. The stock has a market capitalization of $33.64 billion, a price-to-earnings ratio of 87.70 and a beta of 1.19. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.06 and a quick ratio of 0.82. The company’s 50 day simple moving average is $21.05 and its 200 day simple moving average is $26.82.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CPNG. Weiss Ratings reiterated a “hold (c)” rating on shares of Coupang in a research note on Wednesday, January 21st. Zacks Research raised shares of Coupang from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. Morgan Stanley reiterated an “overweight” rating on shares of Coupang in a research note on Monday, January 5th. Mizuho increased their price target on Coupang from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Finally, Citigroup dropped their price objective on Coupang from $27.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $27.70.

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.