Coupang, Inc. $CPNG Shares Sold by Matthews International Capital Management LLC

Key Points

• Matthews International Capital Management cut its Coupang stake by 52.4% in the first quarter, selling 193,915 shares and leaving it with 176,060 shares worth about $3.3 million.
• Coupang posted mixed quarterly results, with revenue of $8.50 billion slightly beating estimates but earnings per share of -$0.15 missing expectations. Revenue still rose 7.5% year over year.
• Wall Street remains cautiously neutral on CPNG overall: analysts have a consensus “Hold” rating with an average price target of $26.02, though several firms still maintain buy or outperform views.

Matthews International Capital Management LLC reduced its stake in shares of Coupang, Inc. (NYSE:CPNG - Free Report) by 52.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 176,060 shares of the company's stock after selling 193,915 shares during the period. Coupang accounts for about 1.3% of Matthews International Capital Management LLC's investment portfolio, making the stock its 26th largest position. Matthews International Capital Management LLC's holdings in Coupang were worth $3,324,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CPNG. Sunbelt Securities Inc. acquired a new position in shares of Coupang in the 3rd quarter valued at $26,000. Reflection Asset Management purchased a new position in shares of Coupang in the 4th quarter worth $28,000. LGT Financial Advisors LLC acquired a new position in Coupang in the third quarter valued at $52,000. Webster Bank N. A. boosted its holdings in Coupang by 325.8% in the first quarter. Webster Bank N. A. now owns 1,699 shares of the company's stock valued at $32,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Coupang during the fourth quarter valued at about $42,000. 83.72% of the stock is owned by institutional investors and hedge funds.

Coupang Stock Performance

Shares of CPNG stock opened at $18.80 on Monday. Coupang, Inc. has a 12 month low of $14.92 and a 12 month high of $34.08. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.76. The firm has a market capitalization of $33.76 billion, a P/E ratio of -208.92 and a beta of 1.11. The company's fifty day moving average price is $17.14 and its two-hundred day moving average price is $19.03.

Coupang (NYSE:CPNG - Get Free Report) last announced its 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). Coupang had a negative net margin of 0.47% and a negative return on equity of 3.67%. The business had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.48 billion. During the same quarter in the prior year, the business earned $0.06 earnings per share. The firm's revenue was up 7.5% on a year-over-year basis. On average, research analysts anticipate that Coupang, Inc. will post -0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CPNG has been the subject of several research analyst reports. CLSA started coverage on Coupang in a research note on Monday, June 15th. They set an "outperform" rating and a $24.00 price target for the company. The Goldman Sachs Group set a $31.00 price objective on Coupang in a research note on Thursday. Bank of America decreased 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. Weiss Ratings downgraded shares of Coupang from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, May 7th. Finally, Citigroup lowered shares of Coupang from a "buy" rating to a "neutral" rating and cut their price target for the company from $23.00 to $22.20 in a report on Wednesday, May 6th. Five research analysts have rated the stock with a Buy rating, five have assigned 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.