Coupang, Inc. $CPNG Stock Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management more than doubled its Coupang stake in the third quarter, adding 14.9 million shares to own 28.1 million shares valued at approximately $389.8 million, or 1.56% of the company.
• Coupang reported mixed operating results: quarterly revenue rose 3.9% year over year to $8.86 billion, while the company posted a $0.09 per-share loss, though this beat analyst expectations.
• Investor sentiment remains mixed. Analysts’ consensus rating is Hold with an average price target of $24.06, while Coupang shares recently traded at $14.79; insiders also sold more than 203,000 shares during the quarter.

Assenagon Asset Management S.A. increased its stake in shares of Coupang, Inc. (NYSE:CPNG - Free Report) by 112.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,102,139 shares of the company's stock after buying an additional 14,865,737 shares during the period. Assenagon Asset Management S.A. owned 1.56% of Coupang worth $389,777,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Reflection Asset Management acquired a new stake in Coupang in the 4th quarter valued at about $28,000. Webster Bank N. A. raised its stake in shares of Coupang by 325.8% in the first 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 during the last quarter. Main Street Group LTD acquired a new position in shares of Coupang during the first quarter worth approximately $40,000. Root Financial Partners LLC lifted its position in shares of Coupang by 68.5% during the first quarter. Root Financial Partners LLC now owns 2,265 shares of the company's stock worth $43,000 after purchasing an additional 921 shares in the last quarter. Finally, Osbon Capital Management LLC acquired a new position in shares of Coupang during the fourth quarter worth approximately $45,000. Institutional investors own 83.72% of the company's stock.

Coupang Price Performance

Shares of CPNG stock opened at $14.79 on Friday. The firm has a market cap of $26.59 billion, a price-to-earnings ratio of -34.40 and a beta of 1.17. Coupang, Inc. has a 12 month low of $13.35 and a 12 month high of $32.35. The company has a quick ratio of 0.68, a current ratio of 0.87 and a debt-to-equity ratio of 0.21. The stock has a 50-day moving average price of $15.23 and a 200 day moving average price of $16.84.

Coupang (NYSE:CPNG - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.27) by $0.18. The company had revenue of $8.86 billion for the quarter, compared to the consensus estimate of $8.92 billion. Coupang had a negative net margin of 2.16% and a negative return on equity of 8.77%. The company's revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.02 EPS. Research analysts expect that Coupang, Inc. will post -0.47 EPS for the current year.

Insider Activity at Coupang

In other news, CAO Jonathan D. Lee sold 5,519 shares of Coupang stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $13.65, for a total transaction of $75,334.35. Following the completion of the sale, the chief accounting officer owned 176,396 shares in the company, valued at $2,407,805.40. The trade was a 3.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Harold Rogers sold 192,110 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $16.18, for a total transaction of $3,108,339.80. Following the sale, the insider directly owned 740,931 shares of the company's stock, valued at approximately $11,988,263.58. This trade represents a 20.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 203,148 shares of company stock valued at $3,272,530. 12.83% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CPNG has been the subject of a number of research reports. Barclays reissued an "overweight" rating and issued a $29.00 price target on shares of Coupang in a report on Tuesday, July 7th. Bank of America dropped their price objective on shares of Coupang from $27.00 to $24.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Coupang in a report on Tuesday, August 4th. The Goldman Sachs Group set a $31.00 price objective on Coupang in a report on Thursday, July 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded Coupang from a "hold" rating to a "buy" rating and decreased their price objective for the company from $23.00 to $21.50 in a research report on Wednesday, August 5th. Five equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $24.06.

Coupang Company Profile

Coupang, Inc is an e-commerce and technology company that operates primarily in South Korea and Taiwan. The company connects consumers with a broad selection of merchandise, including groceries, household goods, electronics, apparel, beauty products and other everyday items. Its services are supported by an integrated logistics network designed to provide fast delivery and a convenient online shopping experience.

Coupang's offerings include its Rocket Delivery and Rocket Fresh services, which provide rapid delivery of general merchandise and groceries, respectively.

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