Truist Financial Corp cut its holdings in shares of Coupang, Inc. (NYSE:CPNG – Get Rating) by 37.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,944 shares of the company’s stock after selling 20,410 shares during the period. Truist Financial Corp’s holdings in Coupang were worth $565,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of CPNG. Castleview Partners LLC grew its stake in Coupang by 1,174.6% during the 2nd quarter. Castleview Partners LLC now owns 2,358 shares of the company’s stock valued at $185,000 after purchasing an additional 2,173 shares in the last quarter. U.S. Capital Wealth Advisors LLC grew its position in shares of Coupang by 8.0% during the second quarter. U.S. Capital Wealth Advisors LLC now owns 36,892 shares of the company’s stock worth $470,000 after buying an additional 2,722 shares in the last quarter. TD Asset Management Inc. increased its stake in shares of Coupang by 17.7% in the second quarter. TD Asset Management Inc. now owns 47,992 shares of the company’s stock worth $612,000 after buying an additional 7,228 shares during the last quarter. CTC Capital Management LLC acquired a new stake in Coupang in the third quarter valued at $480,000. Finally, Grimes & Company Inc. boosted its stake in Coupang by 1.9% during the 2nd quarter. Grimes & Company Inc. now owns 310,838 shares of the company’s stock valued at $3,963,000 after acquiring an additional 5,676 shares during the last quarter. 71.56% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Coupang
In other Coupang news, Director Benjamin Sun sold 11,166 shares of the firm’s stock in a transaction that occurred on Monday, November 28th. The shares were sold at an average price of $20.03, for a total value of $223,654.98. Following the sale, the director now owns 757,146 shares in the company, valued at $15,165,634.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Benjamin Sun sold 11,166 shares of the stock in a transaction on Monday, November 28th. The stock was sold at an average price of $20.03, for a total value of $223,654.98. Following the completion of the transaction, the director now owns 757,146 shares of the company’s stock, valued at $15,165,634.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Greenoaks Capital Partners Llc sold 200,000 shares of Coupang stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $18.26, for a total transaction of $3,652,000.00. Following the sale, the director now owns 70,651,928 shares in the company, valued at $1,290,104,205.28. The disclosure for this sale can be found here. Insiders sold 36,800,000 shares of company stock valued at $680,784,835 in the last ninety days. Company insiders own 16.70% of the company’s stock.
Coupang Price Performance
Coupang (NYSE:CPNG – Get Rating) last announced its quarterly earnings results on Wednesday, November 9th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.08. Coupang had a negative net margin of 2.95% and a negative return on equity of 28.35%. The company had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $5.15 billion. On average, research analysts forecast that Coupang, Inc. will post -0.07 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on CPNG. Mizuho dropped their target price on shares of Coupang from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, November 10th. New Street Research assumed coverage on Coupang in a research note on Thursday, December 1st. They set a “buy” rating and a $25.00 price objective on the stock. Finally, HSBC started coverage on Coupang in a report on Friday, October 7th. They set a “buy” rating and a $27.80 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $22.61.
Coupang Company Profile
Coupang, Inc owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. It operates through two segments, Product Commerce and Growth Initiatives. The company 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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