Ninety One North America Inc. Acquires 284,141 Shares of Coupang, Inc. $CPNG

Key Points

• Ninety One North America Inc. increased its stake in Coupang, Inc. by 34.8%, acquiring an additional 284,141 shares, bringing its total ownership to over 1.1 million shares, which represents 1.6% of its investment portfolio.
• Coupang reported earnings of $0.02 per share for the quarter, missing expectations, but its revenue grew by 16.4% year-over-year, reaching $8.52 billion.
• Insider transactions revealed that Director Benjamin Sun sold nearly 816,000 shares in early September, dramatically reducing his stake by 61.83%.

Ninety One North America Inc. increased its position in Coupang, Inc. (NYSE:CPNG - Free Report) by 34.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,100,228 shares of the company's stock after purchasing an additional 284,141 shares during the quarter. Coupang makes up about 1.6% of Ninety One North America Inc.'s investment portfolio, making the stock its 25th largest holding. Ninety One North America Inc. owned about 0.06% of Coupang worth $32,963,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Davidson Kahn Capital Management LLC lifted its stake in shares of Coupang by 31.6% in the 1st quarter. Davidson Kahn Capital Management LLC now owns 103,567 shares of the company's stock valued at $2,271,000 after purchasing an additional 24,877 shares during the period. Altimeter Capital Management LP lifted its stake in shares of Coupang by 24.3% in the 1st quarter. Altimeter Capital Management LP now owns 7,441,445 shares of the company's stock valued at $163,191,000 after purchasing an additional 1,455,555 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Coupang by 40.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 305,512 shares of the company's stock valued at $6,776,000 after purchasing an additional 87,412 shares during the period. Vontobel Holding Ltd. purchased a new position in shares of Coupang in the 1st quarter valued at approximately $241,000. Finally, Bain Capital Public Equity Management II LLC lifted its stake in shares of Coupang by 39.4% in the 1st quarter. Bain Capital Public Equity Management II LLC now owns 1,467,232 shares of the company's stock valued at $32,176,000 after purchasing an additional 414,901 shares during the period. Hedge funds and other institutional investors own 83.72% of the company's stock.

Coupang Stock Down 1.9%

CPNG stock opened at $32.21 on Wednesday. Coupang, Inc. has a 1-year low of $19.02 and a 1-year high of $34.08. The business has a fifty day moving average price of $30.10 and a 200-day moving average price of $27.47. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.09 and a quick ratio of 0.84. The stock has a market capitalization of $58.72 billion, a P/E ratio of 161.06 and a beta of 1.15.

Coupang (NYSE:CPNG - Get Free Report) last posted its quarterly earnings results 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 analysts' expectations of $8.34 billion. During the same quarter in the prior year, the firm earned $0.07 EPS. The firm's revenue for the quarter was up 16.4% compared to the same quarter last year. Equities analysts forecast that Coupang, Inc. will post 0.17 earnings per share for the current fiscal year.

Insider Transactions at Coupang

In other news, Director Benjamin Sun sold 815,797 shares of the business's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $31.88, for a total value 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. The trade was a 61.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Pedro Franceschi sold 21,428 shares of the business's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $32.05, for a total value of $686,767.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 988,983 shares of company stock valued at $31,203,966. Insiders own 12.78% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on CPNG shares. Nomura Securities upgraded Coupang to a "strong-buy" rating in a research note on Wednesday, August 6th. Arete initiated coverage on Coupang in a research note on Thursday, September 18th. They issued a "buy" rating and a $40.00 target price for the company. Arete Research initiated coverage on Coupang in a report on Thursday, September 18th. They issued a "buy" rating and a $40.00 target price on the stock. Morgan Stanley boosted their target price on Coupang from $32.00 to $35.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft downgraded Coupang from a "buy" rating to a "hold" rating and set a $27.00 target price on the stock. in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Coupang presently has a consensus rating of "Moderate Buy" and an average target price 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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