Coupang (NYSE:CPNG) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Coupang (NYSE:CPNG) from a hold rating to a sell rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “Coupang, Inc. owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. It sells products and services in the categories of home goods and dÃcor products, apparel, beauty products, fresh food and groceries, sporting goods, electronics and everyday consumables, as well as travel and restaurant order and delivery services. Coupang, Inc. is based in Seoul, South Korea. “

A number of other research firms have also recently issued reports on CPNG. CLSA began coverage on shares of Coupang in a research note on Friday, July 9th. They issued an outperform rating and a $46.00 target price for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Coupang from a hold rating to a buy rating in a research report on Thursday, August 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $45.88.

Shares of CPNG opened at $28.87 on Tuesday. Coupang has a 12 month low of $28.67 and a 12 month high of $69.00. The business’s 50-day simple moving average is $34.23.

Coupang (NYSE:CPNG) last announced its quarterly earnings results on Tuesday, August 10th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. The business had revenue of $4.48 billion for the quarter, compared to the consensus estimate of $4.54 billion. On average, equities analysts expect that Coupang will post -0.58 EPS for the current year.

In other news, major shareholder Svf Investments (Uk) Ltd sold 57,000,000 shares of the business’s stock in a transaction on Tuesday, September 14th. The shares were sold at an average price of $29.68, for a total value of $1,691,760,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gaurav Anand sold 160,000 shares of the business’s stock in a transaction on Monday, August 16th. The shares were sold at an average price of $33.33, for a total transaction of $5,332,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 57,569,687 shares of company stock valued at $1,710,666,618 in the last ninety days.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tradition Wealth Management LLC acquired a new position in Coupang in the 1st quarter worth $25,000. BDO Wealth Advisors LLC bought a new stake in Coupang during the 1st quarter worth about $27,000. Montag A & Associates Inc. bought a new stake in Coupang during the 1st quarter worth about $28,000. North Star Investment Management Corp. bought a new stake in Coupang during the 2nd quarter worth about $25,000. Finally, Psagot Investment House Ltd. bought a new stake in Coupang during the 2nd quarter worth about $25,000. 70.20% of the stock is owned by hedge funds and other institutional investors.

Coupang Company Profile

Coupang, Inc owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. 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.

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