Norges Bank Takes Position in Coupang, Inc. (NYSE:CPNG)

Norges Bank bought a new position in Coupang, Inc. (NYSE:CPNG) during the 4th quarter, Holdings Channel.com reports. The firm bought 18,421,094 shares of the company’s stock, valued at approximately $404,896,000.

Several other hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group bought a new stake in Coupang in the 3rd quarter worth $28,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Coupang during the fourth quarter worth about $26,000. Berbice Capital Management LLC bought a new stake in shares of Coupang in the fourth quarter worth about $31,000. Allworth Financial LP increased its holdings in Coupang by 11,033.3% during the 4th quarter. Allworth Financial LP now owns 2,004 shares of the company’s stock valued at $45,000 after purchasing an additional 1,986 shares during the period. Finally, Signaturefd LLC raised its position in Coupang by 34.7% during the 4th quarter. Signaturefd LLC now owns 3,193 shares of the company’s stock valued at $70,000 after purchasing an additional 822 shares during the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Coupang Price Performance

Shares of CPNG opened at $22.32 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.86 and a current ratio of 1.13. The stock has a market cap of $40.29 billion, a PE ratio of 39.15, a price-to-earnings-growth ratio of 52.20 and a beta of 1.10. The firm’s 50-day simple moving average is $23.52 and its two-hundred day simple moving average is $23.95. Coupang, Inc. has a fifty-two week low of $17.67 and a fifty-two week high of $26.91.

Insider Buying and Selling at Coupang

In other Coupang news, Director Benjamin Sun sold 250,000 shares of Coupang stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $23.43, for a total value of $5,857,500.00. Following the completion of the transaction, the director now directly owns 1,719,421 shares of the company’s stock, valued at approximately $40,286,034.03. The trade was a 12.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Pranam Kolari sold 8,459 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $22.98, for a total transaction of $194,387.82. Following the sale, the vice president now directly owns 136,806 shares of the company’s stock, valued at $3,143,801.88. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 259,234 shares of company stock worth $6,069,015. 13.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CPNG has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft raised Coupang from a “hold” rating to a “buy” rating and set a $28.50 target price on the stock in a research note on Wednesday, February 26th. Barclays set a $35.00 price objective on shares of Coupang and gave the company an “overweight” rating in a research report on Thursday, February 27th. Citigroup dropped their target price on shares of Coupang from $31.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, January 8th. Finally, Mizuho boosted their price target on shares of Coupang from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $29.17.

About Coupang

Coupang, Inc, together with its subsidiaries owns and operates retail business through its mobile applications and Internet websites primarily in South Korea. The company operates through Product Commerce and Developing Offerings segments. It 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.