FirstWave Capital Management LLC Sells 201,118 Shares of Coupang, Inc. $CPNG

FirstWave Capital Management LLC lowered its position in shares of Coupang, Inc. (NYSE:CPNG) by 71.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 79,317 shares of the company’s stock after selling 201,118 shares during the quarter. FirstWave Capital Management LLC’s holdings in Coupang were worth $1,378,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sunbelt Securities Inc. bought a new stake in shares of Coupang in the third quarter worth $26,000. Reflection Asset Management bought a new position in Coupang in the fourth quarter valued at $28,000. LGT Financial Advisors LLC bought a new position in Coupang in the third quarter valued at $52,000. Webster Bank N. A. increased its stake in Coupang by 325.8% in the 1st quarter. Webster Bank N. A. now owns 1,699 shares of the company’s stock valued at $32,000 after buying an additional 1,300 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Coupang in the 4th quarter valued at $42,000. 83.72% of the stock is owned by institutional investors.

Coupang Trading Down 1.6%

CPNG stock opened at $15.26 on Friday. Coupang, Inc. has a one year low of $14.92 and a one year high of $34.08. The stock has a market cap of $27.43 billion, a price-to-earnings ratio of -35.49 and a beta of 1.15. The company has a fifty day moving average price of $16.70 and a two-hundred day moving average price of $17.72. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.87 and a quick ratio of 0.68.

Coupang (NYSE:CPNG) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.18. The company had revenue of $8.86 billion for the quarter, compared to analyst estimates of $8.92 billion. Coupang had a negative net margin of 2.16% and a negative return on equity of 8.77%. The company’s revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.02 earnings per share. Equities analysts anticipate that Coupang, Inc. will post -0.46 EPS for the current year.

Insider Activity

In other news, insider Harold Rogers sold 192,110 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $16.18, for a total transaction of $3,108,339.80. Following the transaction, the insider owned 740,931 shares in the company, valued at approximately $11,988,263.58. This trade represents a 20.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jonathan D. Lee sold 5,519 shares of Coupang stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $16.10, for a total value of $88,855.90. Following the sale, the chief accounting officer directly owned 181,915 shares of the company’s stock, valued at approximately $2,928,831.50. The trade was a 2.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 12.83% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on CPNG shares. Barclays reissued an “overweight” rating and set a $29.00 price target on shares of Coupang in a research report on Tuesday, July 7th. Mizuho set a $22.00 target price on Coupang in a research report on Wednesday, August 5th. Bank of America lowered their target price on Coupang from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d)” rating on shares of Coupang in a report on Tuesday, August 4th. Finally, The Goldman Sachs Group set a $31.00 price target on Coupang in a research report on Thursday, July 9th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $25.39.

Coupang Company 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.