PNC Financial Services Group Inc. Lowers Stock Holdings in Coupang, Inc. $CPNG

PNC Financial Services Group Inc. trimmed its stake in Coupang, Inc. (NYSE:CPNG) by 28.4% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 170,218 shares of the company’s stock after selling 67,443 shares during the period. PNC Financial Services Group Inc.’s holdings in Coupang were worth $3,214,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Dodge & Cox increased its position in shares of Coupang by 4.9% during the fourth quarter. Dodge & Cox now owns 49,233,320 shares of the company’s stock worth $1,161,414,000 after acquiring an additional 2,285,600 shares during the period. Capital International Investors boosted its holdings in shares of Coupang by 20.4% in the fourth quarter. Capital International Investors now owns 41,131,036 shares of the company’s stock valued at $970,340,000 after purchasing an additional 6,977,942 shares during the period. Vanguard Group Inc. grew its stake in Coupang by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 29,547,637 shares of the company’s stock worth $697,029,000 after purchasing an additional 951,812 shares in the last quarter. Tiger Global Management LLC grew its stake in Coupang by 65.9% in the fourth quarter. Tiger Global Management LLC now owns 26,267,259 shares of the company’s stock worth $619,645,000 after purchasing an additional 10,429,680 shares in the last quarter. Finally, Durable Capital Partners LP increased its holdings in Coupang by 0.4% during the 3rd quarter. Durable Capital Partners LP now owns 24,833,189 shares of the company’s stock worth $799,629,000 after purchasing an additional 89,207 shares during the period. 83.72% of the stock is currently owned by institutional investors.

Coupang Stock Down 3.1%

Coupang stock opened at $15.44 on Wednesday. The business has a fifty day moving average of $16.99 and a two-hundred day moving average of $18.44. The company has a quick ratio of 0.76, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The firm has a market cap of $27.71 billion, a P/E ratio of -171.50 and a beta of 1.11. Coupang, Inc. has a twelve month low of $14.92 and a twelve month high of $34.08.

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

Wall Street Analyst Weigh In

CPNG has been the subject of a number of research analyst reports. Barclays reaffirmed an “overweight” rating and set a $29.00 target price on shares of Coupang in a research report on Tuesday, July 7th. Citigroup downgraded Coupang from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $23.00 to $22.20 in a research report on Wednesday, May 6th. Weiss Ratings lowered Coupang from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. The Goldman Sachs Group set a $31.00 price objective on Coupang in a report on Thursday, July 9th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Coupang from a “buy” rating to a “hold” rating and set a $23.00 price objective for the company. in a research note on Wednesday, May 6th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Coupang has a consensus rating of “Hold” and an average price target 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.