Coronation Fund Managers Ltd. Has $222.24 Million Holdings in Coupang, Inc. $CPNG

Key Points

• Coronation Fund Managers Ltd. nearly doubled its Coupang stake in Q1, buying an additional 5.8 million shares and bringing its holdings to 11.8 million shares worth about $222.2 million. Coupang now represents roughly 10.1% of the fund’s portfolio and its fourth-largest position.
• Institutional ownership remains high, with hedge funds and other institutional investors controlling about 83.72% of Coupang’s shares. Several smaller investors also added positions during the year.
• Coupang reported mixed quarterly results, with revenue of $8.50 billion slightly beating expectations but earnings per share of -$0.15 missing estimates. Analysts currently rate the stock a consensus “Hold” with an average target price of $26.02.

Coronation Fund Managers Ltd. grew its holdings in shares of Coupang, Inc. (NYSE:CPNG - Free Report) by 98.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,771,286 shares of the company's stock after purchasing an additional 5,835,072 shares during the quarter. Coupang makes up approximately 10.1% of Coronation Fund Managers Ltd.'s holdings, making the stock its 4th biggest position. Coronation Fund Managers Ltd. owned about 0.64% of Coupang worth $222,242,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in CPNG. Sunbelt Securities Inc. bought a new position in shares of Coupang in the third quarter worth about $26,000. Reflection Asset Management purchased a new stake in Coupang in the 4th quarter worth approximately $28,000. Webster Bank N. A. increased its holdings in Coupang by 325.8% in the 1st quarter. Webster Bank N. A. now owns 1,699 shares of the company's stock worth $32,000 after acquiring an additional 1,300 shares in the last quarter. Main Street Group LTD bought a new stake in Coupang during the 1st quarter worth approximately $40,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Coupang during the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 83.72% of the company's stock.

Coupang Stock Performance

Coupang stock opened at $15.72 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.76 and a current ratio of 0.97. The company has a market capitalization of $28.23 billion, a PE ratio of -174.70 and a beta of 1.11. The company has a 50 day moving average price of $17.01 and a 200-day moving average price of $18.65. Coupang, Inc. has a fifty-two week low of $14.92 and a fifty-two week high of $34.08.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Citigroup cut Coupang from a "buy" rating to a "neutral" rating and cut their target price for the stock from $23.00 to $22.20 in a research report on Wednesday, May 6th. The Goldman Sachs Group set a $31.00 price objective on Coupang in a research report on Thursday, July 9th. Bank of America decreased their target price on Coupang from $28.00 to $27.00 and set a "buy" rating on the stock in a research report on Wednesday, June 24th. Weiss Ratings downgraded Coupang from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, May 7th. Finally, CLSA assumed coverage on Coupang in a report on Monday, June 15th. They set an "outperform" rating and a $24.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $26.02.

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.

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