Irenic Capital Management LP Takes Position in Coupang, Inc. $CPNG

Key Points

• Irenic Capital Management acquired 2.48 million Coupang shares worth approximately $43.2 million, giving the e-commerce company a 2.1% weighting in its portfolio. Institutional investors collectively own 83.72% of Coupang.
• Coupang’s latest quarter showed a smaller-than-expected loss of $0.09 per share, while revenue rose 3.9% year over year to $8.86 billion, slightly below analyst estimates.
• The stock opened at $15.26, near its one-year low, while analysts maintained a mixed outlook: six Buy ratings, four Holds and two Sells, with an average price target of $25.39.

Irenic Capital Management LP acquired a new stake in shares of Coupang, Inc. (NYSE:CPNG - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,484,979 shares of the company's stock, valued at approximately $43,164,000. Coupang comprises about 2.1% of Irenic Capital Management LP's holdings, making the stock its 11th largest holding. Irenic Capital Management LP owned 0.14% of Coupang at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nellore Capital Management LLC lifted its holdings in shares of Coupang by 12.6% in the 2nd quarter. Nellore Capital Management LLC now owns 3,760,975 shares of the company's stock worth $65,328,000 after purchasing an additional 420,000 shares during the last quarter. Ethic Inc. boosted its position in Coupang by 383.2% during the 4th quarter. Ethic Inc. now owns 126,154 shares of the company's stock valued at $2,976,000 after purchasing an additional 100,047 shares during the period. Geode Capital Management LLC grew its stake in Coupang by 7.5% during the 4th quarter. Geode Capital Management LLC now owns 24,327,724 shares of the company's stock worth $574,068,000 after buying an additional 1,689,293 shares during the last quarter. Handelsbanken Fonder AB grew its stake in Coupang by 10.2% during the 2nd quarter. Handelsbanken Fonder AB now owns 702,968 shares of the company's stock worth $12,211,000 after buying an additional 64,967 shares during the last quarter. Finally, Ashoka WhiteOak Capital Pte Ltd increased its position in Coupang by 404.1% in the fourth quarter. Ashoka WhiteOak Capital Pte Ltd now owns 314,383 shares of the company's stock worth $7,586,000 after buying an additional 252,020 shares during the period. Institutional investors and hedge funds own 83.72% of the company's stock.

Insider Activity

In other Coupang news, insider Harold Rogers sold 192,110 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $16.18, for a total transaction of $3,108,339.80. Following the transaction, the insider 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jonathan D. Lee sold 5,519 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $16.10, for a total transaction of $88,855.90. Following the sale, the chief accounting officer owned 181,915 shares in the company, valued at $2,928,831.50. This trade represents a 2.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 12.83% of the company's stock.

Coupang Stock Down 1.6%

Shares of Coupang stock opened at $15.26 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.87 and a quick ratio of 0.68. Coupang, Inc. has a 1-year low of $14.92 and a 1-year high of $34.08. The business's fifty day moving average price is $16.70 and its two-hundred day moving average price is $17.72. The company has a market capitalization of $27.43 billion, a P/E ratio of -35.49 and a beta of 1.15.

Coupang (NYSE:CPNG - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.18. The company had revenue of $8.86 billion during the quarter, compared to analysts' expectations of $8.92 billion. Coupang had a negative return on equity of 8.77% and a negative net margin of 2.16%.The company's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.02 earnings per share. As a group, research analysts forecast that Coupang, Inc. will post -0.46 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Bank of America cut their target price on Coupang from $27.00 to $24.00 and set a "buy" rating on the stock in a research note on Wednesday, August 5th. Mizuho set a $22.00 price target on shares of Coupang in a research report on Wednesday, August 5th. Barclays reaffirmed an "overweight" rating and issued a $29.00 price objective on shares of Coupang in a report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Coupang from a "hold" rating to a "buy" rating and cut their price objective for the company from $23.00 to $21.50 in a research report on Wednesday, August 5th. Finally, CLSA assumed coverage on shares of Coupang in a research report on Monday, June 15th. They issued an "outperform" rating and a $24.00 target price for the company. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $25.39.

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.

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