Coupang, Inc. $CPNG Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Coupang position by 7.5% in the first quarter, selling 417,644 shares and retaining 5.14 million shares worth approximately $97 million. Institutional investors collectively own 83.72% of the company.
• Analyst sentiment is mixed: Citigroup downgraded Coupang to “neutral,” while Deutsche Bank upgraded it to “buy.” The stock has a consensus “Hold” rating and an average price target of $25.39.
• Coupang shares opened at $16.25, near the lower end of their 52-week range. The company missed first-quarter EPS expectations, reporting a loss of $0.15 per share, although revenue rose 7.5% year over year to $8.50 billion.

Bank of America Corp DE lowered its position in shares of Coupang, Inc. (NYSE:CPNG - Free Report) by 7.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 5,140,007 shares of the company's stock after selling 417,644 shares during the period. Bank of America Corp DE owned 0.29% of Coupang worth $97,043,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. California State Teachers Retirement System lifted its stake in Coupang by 0.5% in the third quarter. California State Teachers Retirement System now owns 78,679 shares of the company's stock valued at $2,533,000 after buying an additional 361 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Coupang by 19.5% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,651 shares of the company's stock worth $86,000 after buying an additional 597 shares during the period. National Bank of Canada FI increased its stake in shares of Coupang by 6.6% in the 3rd quarter. National Bank of Canada FI now owns 9,801 shares of the company's stock valued at $316,000 after acquiring an additional 609 shares during the last quarter. Assetmark Inc. increased its stake in shares of Coupang by 9.5% in the 4th quarter. Assetmark Inc. now owns 7,150 shares of the company's stock valued at $169,000 after acquiring an additional 620 shares during the last quarter. Finally, Vise Technologies Inc. raised its position in shares of Coupang by 3.0% in the 4th quarter. Vise Technologies Inc. now owns 22,302 shares of the company's stock valued at $526,000 after acquiring an additional 642 shares during the period. Institutional investors and hedge funds own 83.72% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CPNG. Citigroup cut shares of Coupang from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $23.00 to $22.20 in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft upgraded Coupang from a "hold" rating to a "buy" rating and lowered their price target for the stock from $23.00 to $21.50 in a report on Wednesday. Bank of America dropped their price target on Coupang from $27.00 to $24.00 and set a "buy" rating on the stock in a research report on Wednesday. Barclays reiterated an "overweight" rating and set a $29.00 price objective on shares of Coupang in a report on Tuesday, July 7th. Finally, Mizuho set a $22.00 price objective on Coupang in a research report on Wednesday. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $25.39.

Coupang Stock Down 0.6%

CPNG stock opened at $16.25 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.87 and a quick ratio of 0.76. The stock has a market capitalization of $29.18 billion, a P/E ratio of -37.80 and a beta of 1.13. Coupang, Inc. has a fifty-two week low of $14.92 and a fifty-two week high of $34.08. The business has a 50-day moving average of $17.01 and a 200-day moving average of $18.15.

Coupang (NYSE:CPNG - Get Free Report) last announced its earnings results 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 firm had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.48 billion. Coupang had a negative net margin of 2.16% and a negative return on equity of 8.77%. The firm's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.06 EPS. On average, sell-side analysts anticipate that Coupang, Inc. will post -0.36 earnings per share for the current fiscal year.

About Coupang

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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