Scge Management L.P. Trims Position in Coupang, Inc. $CPNG

Key Points

• Scge Management L.P. has reduced its holdings in Coupang, Inc. by 13.1%, selling 1,168,000 shares, leaving them with approximately $170.3 million in shares.
• Notable institutional investors, such as Dodge & Cox and Massachusetts Financial Services, have significantly increased their stakes in Coupang during the same period.
• Coupang recently reported earnings per share of $0.02, missing expectations, while revenue for the quarter was up 16.4% year-over-year, totaling $8.52 billion.

Scge Management L.P. cut its holdings in Coupang, Inc. (NYSE:CPNG - Free Report) by 13.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 7,767,000 shares of the company's stock after selling 1,168,000 shares during the period. Coupang accounts for about 4.9% of Scge Management L.P.'s holdings, making the stock its 10th biggest position. Scge Management L.P. owned 0.43% of Coupang worth $170,330,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. SVB Wealth LLC purchased a new stake in shares of Coupang in the first quarter valued at $28,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Coupang in the 1st quarter worth about $30,000. Grove Bank & Trust purchased a new stake in Coupang in the 1st quarter valued at about $33,000. Brooklyn Investment Group increased its stake in shares of Coupang by 43.1% during the 1st quarter. Brooklyn Investment Group now owns 1,680 shares of the company's stock valued at $37,000 after acquiring an additional 506 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Coupang by 600.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,507 shares of the company's stock worth $55,000 after acquiring an additional 2,149 shares during the period. Institutional investors and hedge funds own 83.72% of the company's stock.

Wall Street Analysts Forecast Growth

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

Coupang Stock Up 2.6%

Shares of CPNG traded up $0.83 during mid-day trading on Tuesday, reaching $32.33. 22,360,280 shares of the stock traded hands, compared to its average volume of 9,951,744. The stock has a fifty day simple moving average of $29.49 and a 200 day simple moving average of $26.50. Coupang, Inc. has a 12-month low of $19.02 and a 12-month high of $32.38. 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 firm has a market cap of $58.94 billion, a price-to-earnings ratio of 161.66 and a beta of 1.15.

Coupang (NYSE:CPNG - Get Free Report) last announced 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). Coupang had a net margin of 1.13% and a return on equity of 7.47%. The firm had revenue of $8.52 billion during the quarter, compared to analysts' expectations of $8.34 billion. During the same quarter last year, the company posted $0.07 earnings per share. Coupang's revenue for the quarter was up 16.4% compared to the same quarter last year. Sell-side analysts expect that Coupang, Inc. will post 0.17 EPS for the current fiscal year.

Insider Activity

In related news, VP Pranam Kolari sold 11,653 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $29.14, for a total value of $339,568.42. Following the completion of the transaction, the vice president owned 158,676 shares of the company's stock, valued at approximately $4,623,818.64. This represents a 6.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Svf Investments (Uk) Ltd sold 10,000,000 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $28.25, for a total transaction of $282,500,000.00. Following the completion of the sale, the insider directly owned 309,542,259 shares in the company, valued at $8,744,568,816.75. This represents a 3.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,087,003 shares of company stock worth $284,933,545 over the last ninety days. 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.