Makena Capital Management LLC Sells 269,282 Shares of Coupang, Inc. $CPNG

Makena Capital Management LLC trimmed its stake in shares of Coupang, Inc. (NYSE:CPNG) by 31.3% in the third quarter, HoldingsChannel.com reports. The fund owned 591,989 shares of the company’s stock after selling 269,282 shares during the quarter. Coupang comprises about 2.0% of Makena Capital Management LLC’s investment portfolio, making the stock its 18th biggest position. Makena Capital Management LLC’s holdings in Coupang were worth $19,062,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Bleakley Financial Group LLC raised its stake in Coupang by 6.2% in the third quarter. Bleakley Financial Group LLC now owns 16,393 shares of the company’s stock valued at $528,000 after purchasing an additional 961 shares in the last quarter. Explore Capital Management LLC raised its position in shares of Coupang by 1.8% in the 3rd quarter. Explore Capital Management LLC now owns 150,350 shares of the company’s stock valued at $4,841,000 after buying an additional 2,650 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of Coupang by 112.5% in the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 218,000 shares of the company’s stock valued at $7,020,000 after buying an additional 115,426 shares in the last quarter. NewEdge Wealth LLC lifted its holdings in shares of Coupang by 18.9% during the 3rd quarter. NewEdge Wealth LLC now owns 15,217 shares of the company’s stock worth $460,000 after acquiring an additional 2,421 shares during the period. Finally, Long Walk Management LP boosted its position in shares of Coupang by 16.4% during the 3rd quarter. Long Walk Management LP now owns 2,935,000 shares of the company’s stock worth $94,507,000 after acquiring an additional 413,375 shares in the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

Coupang Trading Up 1.3%

Shares of CPNG stock opened at $18.70 on Monday. The firm has a market capitalization of $34.15 billion, a P/E ratio of 89.03 and a beta of 1.20. Coupang, Inc. has a twelve month low of $16.74 and a twelve month high of $34.08. The company has a quick ratio of 0.82, a current ratio of 1.06 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $20.91 and its 200 day simple moving average is $26.71.

Insider Activity at Coupang

In other news, CAO Jonathan D. Lee sold 2,679 shares of Coupang stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $23.62, for a total transaction of $63,277.98. Following the sale, the chief accounting officer directly owned 122,096 shares of the company’s stock, valued at approximately $2,883,907.52. This trade represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 12.78% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on CPNG shares. Zacks Research upgraded shares of Coupang from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. UBS Group set a $25.00 price target on Coupang in a research note on Thursday. Deutsche Bank Aktiengesellschaft raised Coupang from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Friday, January 16th. Morgan Stanley reaffirmed an “overweight” rating on shares of Coupang in a research note on Monday, January 5th. Finally, Nomura cut shares of Coupang from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a report on Monday, January 12th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $27.70.

Coupang 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.