Royal Bank of Canada Purchases 55,263 Shares of Coupang, Inc. $CPNG

Key Points

• Royal Bank of Canada increased its holdings in Coupang, Inc. by 7.1%, acquiring an additional 55,263 shares to total 837,533 shares worth approximately $18.37 million.
• Coupang reported a quarterly revenue of $8.52 billion, exceeding expectations, but earnings per share of $0.02 fell short of the estimated $0.07.
• Insider trading showed significant activity, with CFO Gaurav Anand selling 75,350 shares and other insiders collectively selling over 10 million shares in the past ninety days.

Royal Bank of Canada grew its position in Coupang, Inc. (NYSE:CPNG - Free Report) by 7.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 837,533 shares of the company's stock after buying an additional 55,263 shares during the period. Royal Bank of Canada's holdings in Coupang were worth $18,366,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CPNG. SVB Wealth LLC acquired a new stake in shares of Coupang in the 1st quarter valued at $28,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Coupang in the 1st quarter valued at $30,000. Grove Bank & Trust acquired a new stake in shares of Coupang in the 1st quarter valued at $33,000. Brooklyn Investment Group increased its stake in shares of Coupang by 43.1% in the 1st quarter. Brooklyn Investment Group now owns 1,680 shares of the company's stock valued at $37,000 after buying an additional 506 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Coupang by 600.3% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,507 shares of the company's stock valued at $55,000 after buying an additional 2,149 shares during the period. 83.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CPNG has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft cut Coupang from a "buy" rating to a "hold" rating and set a $27.00 price objective for the company. in a research note on Wednesday, August 6th. Nomura raised Coupang from a "neutral" rating to a "buy" rating and set a $35.00 price objective for the company in a research note on Wednesday, August 6th. Nomura Securities raised Coupang to a "strong-buy" rating in a research note on Wednesday, August 6th. Wall Street Zen cut Coupang from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Finally, Morgan Stanley lifted their price objective on Coupang from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Coupang has a consensus rating of "Moderate Buy" and a consensus price target of $31.14.

Insider Activity

In other news, insider Harold Rogers sold 64,755 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $32.06, for a total value of $2,076,045.30. Following the sale, the insider directly owned 449,569 shares in the company, valued at $14,413,182.14. The trade was a 12.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Pedro Franceschi sold 21,428 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were 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. In the last quarter, insiders sold 988,983 shares of company stock valued at $31,203,966. Company insiders own 12.78% of the company's stock.

Coupang Trading Up 3.4%

CPNG stock traded up $1.10 during midday trading on Monday, hitting $33.51. 18,446,748 shares of the company's stock were exchanged, compared to its average volume of 11,833,441. The stock's fifty day moving average price is $29.69 and its 200-day moving average price is $26.75. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.84 and a current ratio of 1.09. The company has a market cap of $61.09 billion, a PE ratio of 167.56 and a beta of 1.15. Coupang, Inc. has a one year low of $19.02 and a one year high of $33.56.

Coupang (NYSE:CPNG - Get Free Report) last posted its 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). The business had revenue of $8.52 billion for the quarter, compared to the consensus estimate of $8.34 billion. Coupang had a return on equity of 7.47% and a net margin of 1.13%.The business's revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.07 earnings per share. Research analysts predict that Coupang, Inc. will post 0.17 earnings per share for the current fiscal year.

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.