WCM Investment Management LLC Trims Stock Position in Coupang, Inc. $CPNG

Key Points

• WCM Investment Management slashed its Coupang stake by 96% in the first quarter, selling more than 46 million shares and ending with about 1.94 million shares valued at roughly $35.4 million.
• Coupang reported mixed first-quarter results, with EPS of -$0.15 missing estimates while revenue came in at $8.50 billion, slightly above expectations and up 7.5% year over year.
• Analysts remain split on the stock: the consensus rating is Hold with a target price of $26.02, after several firms cut ratings or trimmed price targets while others kept bullish views.

WCM Investment Management LLC cut its position in Coupang, Inc. (NYSE:CPNG - Free Report) by 96.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,938,201 shares of the company's stock after selling 46,313,322 shares during the quarter. WCM Investment Management LLC owned about 0.11% of Coupang worth $35,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the company. Dodge & Cox raised its position in shares of Coupang by 4.9% in the fourth quarter. Dodge & Cox now owns 49,233,320 shares of the company's stock worth $1,161,414,000 after buying an additional 2,285,600 shares in the last quarter. Capital International Investors grew its position in Coupang by 20.4% during the fourth quarter. Capital International Investors now owns 41,131,036 shares of the company's stock worth $970,340,000 after buying an additional 6,977,942 shares in the last quarter. Vanguard Group Inc. increased its stake in Coupang by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 29,547,637 shares of the company's stock worth $697,029,000 after acquiring an additional 951,812 shares during the last quarter. Tiger Global Management LLC raised its holdings in shares of Coupang by 65.9% in the 4th quarter. Tiger Global Management LLC now owns 26,267,259 shares of the company's stock valued at $619,645,000 after acquiring an additional 10,429,680 shares in the last quarter. Finally, Durable Capital Partners LP raised its holdings in shares of Coupang by 0.4% in the 3rd quarter. Durable Capital Partners LP now owns 24,833,189 shares of the company's stock valued at $799,629,000 after acquiring an additional 89,207 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Coupang Trading Up 0.1%

Shares of CPNG opened at $16.64 on Monday. The firm has a market cap of $29.86 billion, a price-to-earnings ratio of -184.82 and a beta of 1.11. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.76 and a current ratio of 0.97. Coupang, Inc. has a fifty-two week low of $14.92 and a fifty-two week high of $34.08. The firm has a 50 day moving average price of $17.01 and a 200-day moving average price of $18.82.

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

Analyst Ratings Changes

CPNG has been the subject of several recent analyst reports. Citigroup lowered Coupang from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $23.00 to $22.20 in a report on Wednesday, May 6th. Weiss Ratings lowered shares of Coupang from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, May 7th. Barclays reissued an "overweight" rating and issued a $29.00 target price on shares of Coupang in a research note on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft downgraded Coupang from a "buy" rating to a "hold" rating and set a $23.00 price target on the stock. in a research report on Wednesday, May 6th. Finally, CLSA began coverage on Coupang in a report on Monday, June 15th. They issued an "outperform" rating and a $24.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $26.02.

Coupang Profile

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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