IVY Lane Capital Management LLC Takes Position in Coupang, Inc. $CPNG

Key Points

• IVY Lane Capital Management opened a new position in Coupang during the first quarter, buying 80,000 shares worth about $1.51 million. The stake now represents 2.3% of the firm’s portfolio and is its 8th-largest holding.
• Coupang continues to attract substantial institutional interest, with 83.72% of shares owned by hedge funds and other institutions. Several firms recently boosted their holdings, including State Street Corp, which owns more than 15.6 million shares.
• The company’s latest earnings showed revenue growth of 7.5% year over year to $8.50 billion, but EPS came in at -$0.15, missing expectations. Analysts currently rate the stock a Hold on average, with a consensus target price of $26.02.

IVY Lane Capital Management LLC acquired a new position in Coupang, Inc. (NYSE:CPNG - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 80,000 shares of the company's stock, valued at approximately $1,510,000. Coupang comprises 2.3% of IVY Lane Capital Management LLC's investment portfolio, making the stock its 8th largest holding.

Other institutional investors and hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC increased its holdings in shares of Coupang by 72.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,316 shares of the company's stock worth $99,000 after buying an additional 1,395 shares during the last quarter. Baird Financial Group Inc. raised its position in shares of Coupang by 52.8% during the 2nd quarter. Baird Financial Group Inc. now owns 23,471 shares of the company's stock valued at $703,000 after buying an additional 8,107 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of Coupang by 48.1% during the 2nd quarter. Cerity Partners LLC now owns 45,252 shares of the company's stock worth $1,356,000 after acquiring an additional 14,703 shares during the last quarter. State Street Corp lifted its holdings in shares of Coupang by 8.4% during the 2nd quarter. State Street Corp now owns 15,641,775 shares of the company's stock worth $468,628,000 after acquiring an additional 1,210,801 shares during the last quarter. Finally, AXA S.A. purchased a new position in Coupang in the second quarter worth $411,000. 83.72% of the stock is owned by hedge funds and other institutional investors.

Coupang Price Performance

CPNG stock opened at $15.70 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.76 and a current ratio of 0.97. Coupang, Inc. has a 52 week low of $14.92 and a 52 week high of $34.08. The firm's fifty day moving average is $17.02 and its 200 day moving average is $18.71. The firm has a market cap of $28.17 billion, a P/E ratio of -174.37 and a beta of 1.11.

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CPNG shares. The Goldman Sachs Group set a $31.00 target price on Coupang in a research note on Thursday, July 9th. Weiss Ratings lowered Coupang from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft cut Coupang from a "buy" rating to a "hold" rating and set a $23.00 price objective for the company. in a report on Wednesday, May 6th. Citigroup lowered Coupang from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $23.00 to $22.20 in a research report on Wednesday, May 6th. Finally, CLSA began coverage on Coupang in a research report on Monday, June 15th. They issued an "outperform" rating and a $24.00 target price for the company. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $26.02.

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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