PNC Financial Services Group Inc. Sells 67,443 Shares of Coupang, Inc. $CPNG

Key Points

• PNC Financial Services Group cut its Coupang stake by 28.4% in the first quarter, selling 67,443 shares and retaining 170,218 shares valued at approximately $3.2 million.
• Institutional investors own 83.72% of Coupang, with several major funds—including Capital International Investors and Tiger Global—adding substantially to their positions.
• Coupang has a consensus “Hold” rating and an average price target of $26.02. The stock opened at $15.44 after falling 3.1%, while its latest quarterly results showed a $0.15 per-share loss despite revenue of $8.50 billion and 7.5% year-over-year growth.

PNC Financial Services Group Inc. reduced its position in Coupang, Inc. (NYSE:CPNG - Free Report) by 28.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 170,218 shares of the company's stock after selling 67,443 shares during the period. PNC Financial Services Group Inc.'s holdings in Coupang were worth $3,214,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dodge & Cox increased its stake in Coupang by 4.9% in the 4th quarter. Dodge & Cox now owns 49,233,320 shares of the company's stock worth $1,161,414,000 after acquiring an additional 2,285,600 shares during the last quarter. Capital International Investors boosted its position in shares of Coupang by 20.4% during the 4th quarter. Capital International Investors now owns 41,131,036 shares of the company's stock valued at $970,340,000 after acquiring an additional 6,977,942 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Coupang by 3.3% in the fourth 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. Tiger Global Management LLC grew its holdings in shares of Coupang by 65.9% in the fourth quarter. Tiger Global Management LLC now owns 26,267,259 shares of the company's stock valued at $619,645,000 after purchasing an additional 10,429,680 shares in the last quarter. Finally, Durable Capital Partners LP increased its position in Coupang by 0.4% in the third quarter. Durable Capital Partners LP now owns 24,833,189 shares of the company's stock worth $799,629,000 after purchasing an additional 89,207 shares during the last quarter. 83.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group set a $31.00 price target on shares of Coupang in a research note on Thursday, July 9th. Barclays reissued an "overweight" rating and issued a $29.00 price objective on shares of Coupang in a research note on Tuesday, July 7th. CLSA started coverage on shares of Coupang in a report on Monday, June 15th. They issued an "outperform" rating and a $24.00 target price on the stock. Citigroup cut shares of Coupang from a "buy" rating to a "neutral" rating and decreased their target price for the company from $23.00 to $22.20 in a research report on Wednesday, May 6th. Finally, Weiss Ratings downgraded shares of Coupang from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Coupang presently has a consensus rating of "Hold" and an average price target of $26.02.

Coupang Trading Down 3.1%

CPNG opened at $15.44 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. The stock's 50 day moving average price is $16.99 and its 200-day moving average price is $18.44. Coupang, Inc. has a one year low of $14.92 and a one year high of $34.08. The stock has a market cap of $27.71 billion, a price-to-earnings ratio of -171.50 and a beta of 1.11.

Coupang (NYSE:CPNG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.06). The business had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.48 billion. Coupang had a negative return on equity of 3.67% and a negative net margin of 0.47%.Coupang's revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 earnings per share. On average, equities analysts forecast that Coupang, Inc. will post -0.33 EPS for the current year.

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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