Fund Management

ProShare Advisors LLC Decreases Stake in Coupang, Inc. (NYSE:CPNG)

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Feb 3, 2023 • 4 min read

ProShare Advisors LLC trimmed its holdings in Coupang, Inc. (NYSE:CPNG - Get Rating) by 50.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 133,765 shares of the company's stock after selling 133,547 shares during the period. ProShare Advisors LLC's holdings in Coupang were worth $2,230,000 as of its most recent filing with the Securities & Exchange Commission.

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A number of other hedge funds have also modified their holdings of the business. Matthews International Capital Management LLC raised its holdings in Coupang by 298.5% in the 3rd quarter. Matthews International Capital Management LLC now owns 805,682 shares of the company's stock valued at $13,431,000 after acquiring an additional 603,482 shares during the last quarter. Empowered Funds LLC purchased a new position in Coupang during the third quarter worth approximately $740,000. Ardevora Asset Management LLP acquired a new position in Coupang during the third quarter worth $27,067,000. Foresight Wealth Management LLC grew its holdings in Coupang by 9.1% in the 3rd quarter. Foresight Wealth Management LLC now owns 19,606 shares of the company's stock valued at $327,000 after buying an additional 1,639 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Coupang during the 3rd quarter worth $8,197,000. 71.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CPNG shares. HSBC began coverage on shares of Coupang in a report on Friday, October 7th. They set a "buy" rating and a $27.80 price target for the company. New Street Research initiated coverage on Coupang in a research report on Thursday, December 1st. They issued a "buy" rating and a $25.00 target price on the stock. Finally, Mizuho lowered their price target on Coupang from $22.00 to $20.00 and set a "neutral" rating for the company in a report on Thursday, November 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, Coupang presently has an average rating of "Moderate Buy" and a consensus price target of $22.61.

Coupang Trading Up 2.5 %

Shares of CPNG stock opened at $16.89 on Wednesday. Coupang, Inc. has a fifty-two week low of $8.98 and a fifty-two week high of $27.12. The company has a 50 day moving average price of $16.96 and a 200 day moving average price of $17.46. The stock has a market capitalization of $29.90 billion, a P/E ratio of -49.68 and a beta of 1.24. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.87 and a current ratio of 1.22.

Coupang (NYSE:CPNG - Get Rating) last posted its quarterly earnings results on Wednesday, November 9th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.08. Coupang had a negative net margin of 2.95% and a negative return on equity of 28.35%. The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $5.15 billion. Equities research analysts predict that Coupang, Inc. will post -0.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Benjamin Sun sold 50,000 shares of Coupang stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $19.15, for a total value of $957,500.00. Following the completion of the transaction, the director now owns 2,339,473 shares in the company, valued at approximately $44,800,907.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Benjamin Sun sold 50,000 shares of the stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $19.15, for a total value of $957,500.00. Following the transaction, the director now owns 2,339,473 shares in the company, valued at approximately $44,800,907.95. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Greenoaks Capital Partners Llc sold 1,250,000 shares of the business's stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $18.14, for a total value of $22,675,000.00. Following the sale, the director now owns 71,601,928 shares of the company's stock, valued at approximately $1,298,858,973.92. The disclosure for this sale can be found here. Insiders have sold a total of 36,800,000 shares of company stock worth $680,784,835 in the last quarter. 16.70% of the stock is owned by company insiders.

About Coupang

Coupang, Inc owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. It operates through two segments, Product Commerce and Growth Initiatives. The company 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.