Salem Investment Counselors Inc. Buys 85,170 Shares of Coupang, Inc. $CPNG

Key Points

• Salem Investment Counselors Inc. significantly increased its stake in Coupang, Inc. by acquiring 85,170 shares, bringing its total holdings to 85,220 shares valued at approximately $2.55 million.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Coupang, with a target price of $31.14, amid various ratings adjustments from firms such as Morgan Stanley and Deutsche Bank.
• Insider transactions include Coupang's CFO selling 75,350 shares for over $2 million, indicating a trend where insiders have sold nearly 989,000 shares in the last three months.

Salem Investment Counselors Inc. lifted its position in Coupang, Inc. (NYSE:CPNG - Free Report) by 170,340.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 85,220 shares of the company's stock after buying an additional 85,170 shares during the quarter. Salem Investment Counselors Inc.'s holdings in Coupang were worth $2,553,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. SVB Wealth LLC acquired a new stake in Coupang during the 1st quarter worth approximately $28,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Coupang in the first quarter valued at $30,000. Grove Bank & Trust purchased a new position in Coupang in the first quarter valued at about $33,000. Brooklyn Investment Group increased its position in shares of Coupang by 43.1% during the first quarter. Brooklyn Investment Group now owns 1,680 shares of the company's stock worth $37,000 after acquiring an additional 506 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Coupang by 600.3% in the first 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 last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CPNG has been the subject of several analyst reports. Nomura upgraded Coupang from a "neutral" rating to a "buy" rating and set a $35.00 price objective for the company in a research report on Wednesday, August 6th. Wall Street Zen lowered shares of Coupang from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Deutsche Bank Aktiengesellschaft cut shares of Coupang from a "buy" rating to a "hold" rating and set a $27.00 price target on the stock. in a research report on Wednesday, August 6th. Morgan Stanley lifted their price target on shares of Coupang from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. Finally, Arete initiated coverage on shares of Coupang in a research note on Thursday. They issued a "buy" rating and a $40.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $33.11.

Coupang Stock Up 0.2%

Coupang stock traded up $0.08 during midday trading on Friday, hitting $33.50. 4,093,537 shares of the stock were exchanged, compared to its average volume of 9,858,283. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $61.06 billion, a price-to-earnings ratio of 167.59 and a beta of 1.15. Coupang, Inc. has a 52-week low of $19.02 and a 52-week high of $34.08. The business's 50-day moving average price is $29.89 and its 200-day moving average price is $26.91.

Coupang (NYSE:CPNG - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.05). The company had revenue of $8.52 billion during the quarter, compared to analysts' expectations of $8.34 billion. Coupang had a net margin of 1.13% and a return on equity of 7.47%. The firm's revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.07 earnings per share. On average, research analysts expect that Coupang, Inc. will post 0.17 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Benjamin Sun sold 815,797 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $31.88, for a total value of $26,007,608.36. Following the sale, the director owned 503,624 shares of the company's stock, 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 SEC, which is available at the SEC website. Also, insider Harold Rogers sold 64,755 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $32.06, for a total transaction of $2,076,045.30. Following the sale, the insider directly owned 449,569 shares in the company, valued at $14,413,182.14. This trade represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 988,983 shares of company stock valued at $31,203,966. Corporate insiders own 12.78% of the company's stock.

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.