Allen Investment Management LLC Sells 245,313 Shares of Coupang, Inc. $CPNG

Key Points

• Allen Investment Management reduced its Coupang stake by 13.0% in the first quarter, selling 245,313 shares and leaving it with 1,642,836 shares valued at about $31.0 million.
• Institutional ownership remains heavy despite some fund selling, with institutions holding 83.72% of Coupang; several firms, including State Street, increased their positions during the period.
• Coupang’s latest results were mixed: revenue beat expectations at $8.50 billion and rose 7.5% year over year, but EPS came in at -$0.15 versus the -$0.09 consensus. Analysts currently rate the stock a Hold on average, with a $26.02 price target.

Allen Investment Management LLC lessened its stake in Coupang, Inc. (NYSE:CPNG - Free Report) by 13.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,642,836 shares of the company's stock after selling 245,313 shares during the quarter. Allen Investment Management LLC owned 0.09% of Coupang worth $31,017,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its holdings in Coupang by 72.6% in the second quarter. EverSource Wealth Advisors LLC now owns 3,316 shares of the company's stock worth $99,000 after buying an additional 1,395 shares during the last quarter. Baird Financial Group Inc. grew its holdings in shares of Coupang by 52.8% during the second quarter. Baird Financial Group Inc. now owns 23,471 shares of the company's stock valued at $703,000 after buying an additional 8,107 shares during the last quarter. Cerity Partners LLC grew its holdings in shares of Coupang by 48.1% during the second quarter. Cerity Partners LLC now owns 45,252 shares of the company's stock valued at $1,356,000 after buying an additional 14,703 shares during the last quarter. State Street Corp increased its position in shares of Coupang by 8.4% during the second quarter. State Street Corp now owns 15,641,775 shares of the company's stock valued at $468,628,000 after acquiring an additional 1,210,801 shares in the last quarter. Finally, AXA S.A. bought a new stake in shares of Coupang during the second quarter valued at approximately $411,000. Institutional investors own 83.72% of the company's stock.

Coupang Price Performance

NYSE CPNG opened at $16.64 on Monday. The company has a 50-day moving average price of $17.01 and a 200-day moving average price of $18.82. Coupang, Inc. has a 52 week low of $14.92 and a 52 week high of $34.08. The company has a quick ratio of 0.76, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $29.86 billion, a P/E ratio of -184.82 and a beta of 1.11.

Coupang (NYSE:CPNG - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.06). The business had revenue of $8.50 billion during the quarter, compared to analysts' expectations of $8.48 billion. Coupang had a negative return on equity of 3.67% and a negative net margin of 0.47%.The business's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.06 EPS. Equities research analysts anticipate that Coupang, Inc. will post -0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CPNG shares. Citigroup cut Coupang from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $23.00 to $22.20 in a research report on Wednesday, May 6th. Bank of America reduced their target price on Coupang from $28.00 to $27.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Barclays restated an "overweight" rating and issued a $29.00 price target on shares of Coupang in a research note on Tuesday, July 7th. Weiss Ratings downgraded Coupang from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft cut Coupang from a "buy" rating to a "hold" rating and set a $23.00 price objective on the stock. in a research report on Wednesday, May 6th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $26.02.

Coupang Company 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.

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