Assenagon Asset Management S.A. Lowers Holdings in Coupang, Inc. $CPNG

Key Points

• Assenagon Asset Management cut its Coupang stake by 22.7% in the second quarter, selling 3.88 million shares and retaining 13.24 million shares worth approximately $229.9 million, or 0.74% of the company.
• Institutional ownership remains high at 83.72%, with several major funds—including Tiger Global, Capital International Investors, Dragoneer and Coronation Fund Managers—substantially increasing their positions.
• Coupang reported quarterly revenue of $8.50 billion, up 7.5% year over year, but missed earnings expectations with a loss of $0.15 per share. Analysts’ consensus rating is “Hold”, with an average price target of $25.39 versus a recent share price of $16.30.

Assenagon Asset Management S.A. lowered its stake in shares of Coupang, Inc. (NYSE:CPNG - Free Report) by 22.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,236,402 shares of the company's stock after selling 3,881,181 shares during the period. Assenagon Asset Management S.A. owned 0.74% of Coupang worth $229,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in Coupang during the fourth quarter valued at $498,333,000. Tiger Global Management LLC boosted its position in shares of Coupang by 65.9% during the fourth quarter. Tiger Global Management LLC now owns 26,267,259 shares of the company's stock valued at $619,645,000 after buying an additional 10,429,680 shares during the period. Capital International Investors boosted its holdings in Coupang by 20.4% during the 4th quarter. Capital International Investors now owns 41,131,036 shares of the company's stock valued at $970,340,000 after acquiring an additional 6,977,942 shares during the period. Dragoneer Investment Group LLC increased its stake in Coupang by 47.1% in the 4th quarter. Dragoneer Investment Group LLC now owns 21,576,556 shares of the company's stock worth $508,991,000 after buying an additional 6,910,865 shares during the period. Finally, Coronation Fund Managers Ltd. grew its stake in Coupang by 98.3% in the first quarter. Coronation Fund Managers Ltd. now owns 11,771,286 shares of the company's stock worth $222,242,000 after purchasing an additional 5,835,072 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Coupang Stock Performance

Shares of CPNG opened at $16.30 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.76 and a current ratio of 0.87. Coupang, Inc. has a one year low of $14.92 and a one year high of $34.08. The stock has a market cap of $29.25 billion, a P/E ratio of -37.90 and a beta of 1.13. The stock has a 50-day moving average of $17.02 and a two-hundred day moving average of $18.16.

Coupang (NYSE:CPNG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.06). The business had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.48 billion. Coupang had a negative return on equity of 8.77% and a negative net margin of 2.16%.Coupang's quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.06 EPS. As a group, research analysts predict that Coupang, Inc. will post -0.33 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on CPNG. Mizuho set a $22.00 price target on shares of Coupang in a report on Wednesday. The Goldman Sachs Group set a $31.00 price objective on shares of Coupang in a report on Thursday, July 9th. Barclays reissued an "overweight" rating and issued a $29.00 price objective on shares of Coupang in a research note on Tuesday, July 7th. CLSA initiated coverage on Coupang in a research report on Monday, June 15th. They set an "outperform" rating and a $24.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Coupang from a "hold" rating to a "buy" rating and reduced their target price for the stock from $23.00 to $21.50 in a report on Wednesday. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Coupang presently has an average rating of "Hold" and a consensus price target of $25.39.

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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