PNC Financial Services Group Inc. Sells 27,565 Shares of Coupang, Inc. $CPNG

PNC Financial Services Group Inc. reduced its holdings in shares of Coupang, Inc. (NYSE:CPNG) by 10.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 236,027 shares of the company’s stock after selling 27,565 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Coupang were worth $7,600,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CPNG. Dodge & Cox boosted its holdings in Coupang by 14.3% during the second quarter. Dodge & Cox now owns 46,614,520 shares of the company’s stock worth $1,396,571,000 after purchasing an additional 5,829,600 shares during the last quarter. Durable Capital Partners LP increased its stake in Coupang by 7.5% in the 2nd quarter. Durable Capital Partners LP now owns 24,743,982 shares of the company’s stock valued at $741,330,000 after buying an additional 1,734,980 shares during the last quarter. Norges Bank bought a new stake in Coupang during the 2nd quarter worth about $587,186,000. Holocene Advisors LP boosted its stake in shares of Coupang by 24.5% during the 2nd quarter. Holocene Advisors LP now owns 15,689,845 shares of the company’s stock worth $470,068,000 after buying an additional 3,083,854 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Coupang by 8.4% during the 2nd quarter. State Street Corp now owns 15,641,775 shares of the company’s stock worth $468,628,000 after buying an additional 1,210,801 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CPNG shares. Barclays set a $23.00 target price on Coupang in a research report on Thursday. UBS Group set a $25.00 price target on Coupang in a research note on Thursday. Citigroup lowered their price target on Coupang from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Sanford C. Bernstein initiated coverage on Coupang in a report on Thursday, February 5th. They issued an “underperform” rating and a $17.00 price objective for the company. Finally, Bank of America raised their target price on shares of Coupang from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Coupang presently has a consensus rating of “Hold” and a consensus price target of $27.70.

Coupang Price Performance

NYSE:CPNG opened at $18.42 on Friday. Coupang, Inc. has a 12-month low of $16.74 and a 12-month high of $34.08. The firm has a market capitalization of $33.64 billion, a price-to-earnings ratio of 87.70 and a beta of 1.19. The stock’s 50 day moving average price is $21.05 and its two-hundred day moving average price is $26.82. The company has a quick ratio of 0.82, a current ratio of 1.06 and a debt-to-equity ratio of 0.13.

Insiders Place Their Bets

In other Coupang news, CAO Jonathan D. Lee sold 2,679 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $23.62, for a total transaction of $63,277.98. Following the completion of the sale, the chief accounting officer owned 122,096 shares of the company’s stock, valued at $2,883,907.52. This trade represents a 2.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 12.78% of the company’s stock.

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.