Empirical Financial Services LLC d.b.a. Empirical Wealth Management Invests $3.07 Million in Coupang, Inc. $CPNG

Key Points

• Empirical Financial Services LLC invested $3.07 million in Coupang, acquiring 102,574 shares during the second quarter, amid increasing interest from other institutional investors.
• Insider transactions revealed significant sales, with director Benjamin Sun selling 815,797 shares worth over $26 million, resulting in a 61.83% decrease in his position.
• Despite reporting quarterly earnings of $0.02 per share, Coupang’s revenue grew by 16.4% year-over-year, reaching $8.52 billion, exceeding estimates.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Coupang, Inc. (NYSE:CPNG - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 102,574 shares of the company's stock, valued at approximately $3,073,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Dodge & Cox grew its position in Coupang by 101.6% during the 1st quarter. Dodge & Cox now owns 40,784,920 shares of the company's stock valued at $894,413,000 after purchasing an additional 20,555,600 shares during the last quarter. GQG Partners LLC purchased a new stake in Coupang during the 1st quarter valued at about $168,127,000. Massachusetts Financial Services Co. MA grew its position in Coupang by 436.6% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 8,686,580 shares of the company's stock valued at $190,497,000 after purchasing an additional 7,067,830 shares during the last quarter. Nuveen LLC purchased a new stake in Coupang during the 1st quarter valued at about $75,775,000. Finally, Assenagon Asset Management S.A. grew its position in Coupang by 204.7% during the 1st quarter. Assenagon Asset Management S.A. now owns 3,352,002 shares of the company's stock valued at $73,509,000 after purchasing an additional 2,251,819 shares during the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Coupang

In other news, insider Harold Rogers sold 64,755 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $32.06, for a total value of $2,076,045.30. Following the transaction, the insider owned 449,569 shares in the company, valued at $14,413,182.14. This represents a 12.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Benjamin Sun sold 815,797 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $31.88, for a total transaction of $26,007,608.36. Following the completion of the transaction, the director owned 503,624 shares in the company, valued at $16,055,533.12. This trade represents a 61.83% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 988,983 shares of company stock worth $31,203,966. 12.78% of the stock is currently owned by corporate insiders.

Coupang Stock Performance

Shares of NYSE CPNG opened at $32.36 on Friday. The firm's 50-day moving average price is $30.23 and its 200-day moving average price is $27.64. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.18. The company has a market cap of $59.00 billion, a PE ratio of 161.82 and a beta of 1.18. Coupang, Inc. has a 52-week low of $19.02 and a 52-week high of $34.08.

Coupang (NYSE:CPNG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.05). Coupang had a return on equity of 7.47% and a net margin of 1.13%.The business had revenue of $8.52 billion during the quarter, compared to the consensus estimate of $8.34 billion. During the same quarter last year, the company earned $0.07 EPS. Coupang's revenue for the quarter was up 16.4% on a year-over-year basis. As a group, analysts anticipate that Coupang, Inc. will post 0.17 EPS for the current year.

Analysts Set New Price Targets

CPNG has been the topic of several recent analyst reports. Morgan Stanley increased their price objective on shares of Coupang from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Wednesday, August 20th. Arete Research initiated coverage on shares of Coupang in a research report on Thursday, September 18th. They set a "buy" rating and a $40.00 price objective on the stock. Wall Street Zen downgraded shares of Coupang from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Nomura raised shares of Coupang from a "neutral" rating to a "buy" rating and set a $35.00 price target on the stock in a report on Wednesday, August 6th. Finally, Arete initiated coverage on shares of Coupang in a report on Thursday, September 18th. They set a "buy" rating and a $40.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $33.11.

About Coupang

Coupang, Inc, together with its subsidiaries owns and operates retail business through its mobile applications and Internet websites primarily in South Korea. The company operates through Product Commerce and Developing Offerings segments. It sells various products and services in the categories of home goods and décor products, apparel, beauty products, fresh food and groceries, sporting goods, electronics, and everyday consumables, as well as travel, and restaurant order and delivery services.

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