Allspring Global Investments Holdings LLC Sells 50,246 Shares of Coupang, Inc. (NYSE:CPNG)

Allspring Global Investments Holdings LLC reduced its position in shares of Coupang, Inc. (NYSE:CPNG) by 22.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 176,716 shares of the company’s stock after selling 50,246 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Coupang were worth $4,338,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. lifted its stake in shares of Coupang by 87.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 20,286 shares of the company’s stock worth $361,000 after acquiring an additional 9,480 shares during the period. Oak Thistle LLC acquired a new position in shares of Coupang in the first quarter worth approximately $264,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Coupang by 10.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 372,547 shares of the company’s stock worth $6,628,000 after acquiring an additional 35,703 shares during the period. Arcus Capital Partners LLC acquired a new position in shares of Coupang in the first quarter worth approximately $487,000. Finally, Commonwealth Equity Services LLC lifted its stake in shares of Coupang by 115.9% in the first quarter. Commonwealth Equity Services LLC now owns 75,211 shares of the company’s stock worth $1,338,000 after acquiring an additional 40,376 shares during the period. 83.72% of the stock is currently owned by institutional investors.

Insider Transactions at Coupang

In other news, insider Pranam Kolari sold 10,432 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $19.90, for a total transaction of $207,596.80. Following the transaction, the insider now directly owns 170,356 shares of the company’s stock, valued at $3,390,084.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Greenoaks Capital Partners Llc purchased 251,300 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average cost of $22.58 per share, for a total transaction of $5,674,354.00. Following the completion of the acquisition, the director now owns 50,126,224 shares in the company, valued at $1,131,850,137.92. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Pranam Kolari sold 10,432 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $19.90, for a total transaction of $207,596.80. Following the completion of the sale, the insider now directly owns 170,356 shares of the company’s stock, valued at $3,390,084.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 601,300 shares of company stock valued at $13,604,354 and have sold 411,388 shares valued at $9,452,761. 13.60% of the stock is owned by insiders.

Coupang Price Performance

Shares of NYSE:CPNG opened at $25.97 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 1.12 and a debt-to-equity ratio of 0.72. Coupang, Inc. has a twelve month low of $13.51 and a twelve month high of $26.28. The stock’s 50 day moving average is $24.15 and its 200-day moving average is $22.62. The firm has a market capitalization of $46.43 billion, a price-to-earnings ratio of 37.10, a PEG ratio of 282.07 and a beta of 1.11.

Coupang (NYSE:CPNG) last issued its earnings results on Tuesday, August 6th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.08. Coupang had a return on equity of 12.04% and a net margin of 3.87%. The company had revenue of $7.32 billion for the quarter, compared to analyst estimates of $7.39 billion. During the same period in the prior year, the firm earned $0.08 earnings per share. Coupang’s revenue for the quarter was up 25.4% on a year-over-year basis. Sell-side analysts forecast that Coupang, Inc. will post 0.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on CPNG shares. Sanford C. Bernstein raised Coupang from an “underperform” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Monday, October 7th. CLSA raised Coupang from a “hold” rating to an “outperform” rating and boosted their price target for the company from $18.00 to $31.00 in a research note on Wednesday, September 4th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Coupang presently has an average rating of “Moderate Buy” and an average target price of $27.56.

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.