Parallel Advisors LLC Reduces Position in Coupang, Inc. $CPNG

Parallel Advisors LLC decreased its holdings in shares of Coupang, Inc. (NYSE:CPNG) by 8.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 337,994 shares of the company’s stock after selling 32,149 shares during the quarter. Parallel Advisors LLC’s holdings in Coupang were worth $6,381,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Sunbelt Securities Inc. purchased a new position in Coupang during the 3rd quarter valued at $26,000. Reflection Asset Management bought a new position in Coupang in the 4th quarter valued at $28,000. Webster Bank N. A. grew its position 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 acquiring an additional 1,300 shares during the last quarter. Main Street Group LTD purchased a new stake in Coupang in the first quarter worth $40,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Coupang in the fourth quarter worth $42,000. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Coupang Trading Down 0.9%

NYSE CPNG opened at $16.48 on Tuesday. Coupang, Inc. has a one year low of $14.92 and a one year high of $34.08. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.76 and a current ratio of 0.97. The company has a market capitalization of $29.57 billion, a price-to-earnings ratio of -183.04 and a beta of 1.11. The company’s 50-day simple moving average is $17.02 and its two-hundred day simple moving average is $18.76.

Coupang (NYSE:CPNG) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.06). Coupang had a negative return on equity of 3.67% and a negative net margin of 0.47%.The business had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $8.48 billion. During the same period in the previous year, the company posted $0.06 EPS. Coupang’s revenue for the quarter was up 7.5% on a year-over-year basis. Equities analysts forecast that Coupang, Inc. will post -0.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CPNG. Citigroup lowered shares of Coupang from a “buy” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $22.20 in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft downgraded shares of Coupang from a “buy” rating to a “hold” rating and set a $23.00 price target on the stock. in a research note on Wednesday, May 6th. The Goldman Sachs Group set a $31.00 price objective on shares of Coupang in a report on Thursday, July 9th. Bank of America lowered their price objective on shares of Coupang from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, June 24th. Finally, CLSA initiated coverage on shares of Coupang in a research note on Monday, June 15th. They issued an “outperform” rating and a $24.00 target price on the stock. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Coupang has an average rating of “Hold” and a consensus target price of $26.02.

About Coupang

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.