Havemeyer Place LP Acquires Shares of 147,597 Coupang, Inc. $CPNG

Key Points

• Havemeyer Place LP opened a new position in Coupang during the fourth quarter, buying 147,597 shares worth about $3.48 million. The stake represents 0.7% of Havemeyer Place’s portfolio and is its 16th largest holding.
• Insider buying has been notable, with director Neil Mehta purchasing 2.33 million shares for about $42.9 million. Over the last 90 days, insiders have bought 7.35 million shares worth $136.6 million.
• Coupang recently reported mixed quarterly results, missing earnings expectations with EPS of -$0.15 but slightly beating revenue estimates at $8.50 billion, up 7.5% year over year. Analyst sentiment remains cautious, with an average Hold rating and a consensus price target of $26.92.

Havemeyer Place LP acquired a new stake in shares of Coupang, Inc. (NYSE:CPNG - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 147,597 shares of the company's stock, valued at approximately $3,482,000. Coupang comprises 0.7% of Havemeyer Place LP's holdings, making the stock its 16th largest position.

Other institutional investors have also modified their holdings of the company. Dodge & Cox increased its stake in shares of Coupang by 0.7% in the 3rd quarter. Dodge & Cox now owns 46,947,720 shares of the company's stock valued at $1,511,717,000 after purchasing an additional 333,200 shares in the last quarter. Capital International Investors increased its stake in shares of Coupang by 7.6% in the 3rd quarter. Capital International Investors now owns 34,153,094 shares of the company's stock valued at $1,099,792,000 after purchasing an additional 2,421,089 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Coupang by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 29,547,637 shares of the company's stock valued at $697,029,000 after purchasing an additional 951,812 shares in the last quarter. Durable Capital Partners LP increased its stake in shares of Coupang by 0.4% in the 3rd quarter. Durable Capital Partners LP now owns 24,833,189 shares of the company's stock valued at $799,629,000 after purchasing an additional 89,207 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Coupang by 7.5% in the 4th quarter. Geode Capital Management LLC now owns 24,327,724 shares of the company's stock valued at $574,068,000 after purchasing an additional 1,689,293 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Insider Buying and Selling

In other news, Director Neil Mehta acquired 2,332,863 shares of the business's stock in a transaction on Friday, March 13th. The stock was bought at an average cost of $18.40 per share, for a total transaction of $42,924,679.20. Following the purchase, the director owned 55,310,977 shares in the company, valued at approximately $1,017,721,976.80. This represents a 4.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders purchased 7,350,104 shares of company stock worth $136,566,051. 12.83% of the stock is currently owned by insiders.

Coupang Price Performance

NYSE:CPNG opened at $15.36 on Friday. Coupang, Inc. has a 12 month low of $15.03 and a 12 month high of $34.08. The stock has a 50 day moving average of $18.26 and a two-hundred day moving average of $20.56. The company has a current ratio of 0.97, a quick ratio of 0.76 and a debt-to-equity ratio of 0.16. The firm has a market cap of $27.56 billion, a P/E ratio of -170.59 and a beta of 1.12.

Coupang (NYSE:CPNG - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.06). Coupang had a negative return on equity of 3.67% and a negative net margin of 0.47%.The firm had revenue of $8.50 billion for the quarter, compared to analysts' expectations of $8.48 billion. During the same quarter last year, the firm posted $0.06 earnings per share. Coupang's quarterly revenue was up 7.5% on a year-over-year basis. On average, analysts expect that Coupang, Inc. will post -0.17 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CPNG shares. Sanford C. Bernstein restated an "underperform" rating on shares of Coupang in a research note on Monday, March 2nd. Morgan Stanley cut their price target on Coupang from $31.00 to $29.00 and set an "overweight" rating for the company in a research note on Monday, March 2nd. Weiss Ratings lowered Coupang from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, May 7th. Citigroup lowered 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 research note on Wednesday, May 6th. Finally, Nomura cut their price target on Coupang from $22.00 to $20.00 and set a "neutral" rating for the company in a research note on Monday, March 2nd. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $26.92.

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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