Bank of Nova Scotia Grows Stock Holdings in Coupang, Inc. $CPNG

Bank of Nova Scotia grew its position in Coupang, Inc. (NYSE:CPNG) by 333.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 879,000 shares of the company’s stock after buying an additional 676,300 shares during the period. Bank of Nova Scotia’s holdings in Coupang were worth $28,304,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Orion Capital Management LLC purchased a new stake in Coupang during the third quarter valued at approximately $32,000. Hilltop National Bank purchased a new position in Coupang in the third quarter worth $34,000. Fifth Third Bancorp grew its holdings in Coupang by 1,250.0% in the third quarter. Fifth Third Bancorp now owns 1,080 shares of the company’s stock worth $35,000 after purchasing an additional 1,000 shares during the last quarter. Root Financial Partners LLC acquired a new position in shares of Coupang during the third quarter worth $40,000. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of Coupang during the 2nd quarter valued at $45,000. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Insider Activity at Coupang

In other Coupang news, CAO Jonathan D. Lee sold 2,679 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $23.62, for a total value of $63,277.98. Following the completion of the transaction, the chief accounting officer directly owned 122,096 shares of the company’s stock, valued at approximately $2,883,907.52. The trade was a 2.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Neil Mehta purchased 3,000,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The stock was bought at an average cost of $18.68 per share, with a total value of $56,040,000.00. Following the completion of the acquisition, the director directly owned 52,978,114 shares of the company’s stock, valued at $989,631,169.52. This trade represents a 6.00% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 7,350,104 shares of company stock valued at $136,566,051. 12.78% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised Coupang from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Friday, January 16th. Nomura decreased their price target on Coupang from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, March 2nd. Wall Street Zen downgraded Coupang from a “hold” rating to a “strong sell” rating in a report on Saturday. Mizuho dropped their price target on Coupang from $32.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, February 27th. Finally, Sanford C. Bernstein restated an “underperform” rating on shares of Coupang in a research note on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $26.70.

Coupang Price Performance

Shares of CPNG opened at $20.45 on Tuesday. The business’s 50-day moving average is $19.53 and its two-hundred day moving average is $25.66. The company has a market capitalization of $37.35 billion, a P/E ratio of 170.39 and a beta of 1.20. Coupang, Inc. has a fifty-two week low of $16.74 and a fifty-two week high of $34.08. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.79 and a current ratio of 1.04.

Coupang (NYSE:CPNG) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.03). Coupang had a net margin of 0.60% and a return on equity of 4.52%. The company had revenue of $8.84 billion during the quarter, compared to analyst estimates of $9.12 billion. During the same period last year, the firm earned $0.04 EPS. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. Research analysts predict that Coupang, Inc. will post 0.17 earnings per share for the current year.

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.