Truist Financial Corp Acquires 82,164 Shares of Coupang, Inc. (NYSE:CPNG)

Truist Financial Corp grew its holdings in Coupang, Inc. (NYSE:CPNG) by 585.9% during the 2nd quarter, Holdings Channel reports. The fund owned 96,187 shares of the company’s stock after buying an additional 82,164 shares during the period. Truist Financial Corp’s holdings in Coupang were worth $2,015,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Bain Capital Public Equity LP purchased a new position in Coupang during the fourth quarter valued at $1,386,000. Bain Capital Public Equity Management II LLC purchased a new position in Coupang in the 4th quarter worth approximately $18,850,000. Foxhaven Asset Management LP boosted its stake in Coupang by 8.0% in the 4th quarter. Foxhaven Asset Management LP now owns 12,272,369 shares of the company’s stock worth $198,690,000 after purchasing an additional 904,065 shares during the period. Parkwood LLC grew its holdings in Coupang by 835.7% during the 4th quarter. Parkwood LLC now owns 140,203 shares of the company’s stock valued at $2,270,000 after buying an additional 125,220 shares in the last quarter. Finally, Mubadala Investment Co PJSC bought a new position in shares of Coupang during the fourth quarter worth $23,129,000. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Coupang Trading Down 0.4 %

CPNG stock opened at $25.53 on Friday. Coupang, Inc. has a twelve month low of $13.51 and a twelve month high of $26.28. The stock has a market capitalization of $45.65 billion, a price-to-earnings ratio of 36.47, a price-to-earnings-growth ratio of 181.74 and a beta of 1.11. The company has a quick ratio of 0.87, a current ratio of 1.12 and a debt-to-equity ratio of 0.72. The firm’s fifty day simple moving average is $23.33 and its two-hundred day simple moving average is $21.96.

Coupang (NYSE:CPNG) last announced its earnings results on Tuesday, August 6th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.08. Coupang had a return on equity of 12.04% and a net margin of 3.87%. The business had revenue of $7.32 billion during the quarter, compared to analyst estimates of $7.39 billion. During the same quarter in the previous year, the business earned $0.08 earnings per share. The company’s revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, analysts anticipate that Coupang, Inc. will post 0.14 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Greenoaks Capital Partners Llc purchased 100,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average cost of $22.95 per share, for a total transaction of $2,295,000.00. Following the completion of the acquisition, the director now owns 50,476,224 shares in the company, valued at approximately $1,158,429,340.80. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Greenoaks Capital Partners Llc purchased 100,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average price of $22.95 per share, for a total transaction of $2,295,000.00. Following the completion of the acquisition, the director now owns 50,476,224 shares of the company’s stock, valued at approximately $1,158,429,340.80. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Pranam Kolari sold 10,432 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $19.90, for a total value of $207,596.80. Following the transaction, the insider now owns 170,356 shares in the company, valued at $3,390,084.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 601,300 shares of company stock worth $13,604,354 and have sold 411,388 shares worth $9,452,761. Insiders own 13.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. CLSA upgraded shares of Coupang from a “hold” rating to an “outperform” rating and boosted their price target for the stock from $18.00 to $31.00 in a research note on Wednesday, September 4th. Morgan Stanley increased their price target on Coupang from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. Finally, Sanford C. Bernstein raised Coupang from an “underperform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research note on Monday. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.56.

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.