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

Bank of Nova Scotia grew its position in Coupang, Inc. (NYSE:CPNG) by 333.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 879,000 shares of the company’s stock after acquiring 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.

Several other hedge funds have also modified their holdings of CPNG. Orion Capital Management LLC acquired a new stake in shares of Coupang during the 3rd quarter valued at about $32,000. Hilltop National Bank purchased a new position in shares of Coupang in the 3rd quarter valued at about $34,000. Fifth Third Bancorp raised its holdings in Coupang by 1,250.0% in the 3rd 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 period. Root Financial Partners LLC purchased a new position in Coupang during the third quarter worth approximately $40,000. Finally, Loomis Sayles & Co. L P purchased a new position in Coupang during the second quarter worth approximately $45,000. 83.72% of the stock is owned by hedge funds and other institutional investors.

Coupang Trading Up 10.8%

CPNG stock opened at $20.45 on Tuesday. Coupang, Inc. has a 12-month low of $16.74 and a 12-month high of $34.08. The business’s 50-day moving average is $19.53 and its 200 day moving average is $25.66. The company has a current ratio of 1.04, a quick ratio of 0.79 and a debt-to-equity ratio of 0.14. The stock has a market cap of $37.35 billion, a price-to-earnings ratio of 170.39 and a beta of 1.20.

Coupang (NYSE:CPNG) last announced its earnings results on Thursday, February 26th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). The firm had revenue of $8.84 billion for the quarter, compared to analyst estimates of $9.12 billion. Coupang had a net margin of 0.60% and a return on equity of 4.52%. Coupang’s revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.04 EPS. On average, sell-side analysts anticipate that Coupang, Inc. will post 0.17 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on CPNG shares. Nomura cut their price objective on Coupang from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, March 2nd. Barclays increased their target price on Coupang from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Weiss Ratings cut shares of Coupang from a “hold (c)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Morgan Stanley cut their price target on shares of Coupang from $31.00 to $29.00 and set an “overweight” rating for the company in a report on Monday, March 2nd. Finally, Mizuho reduced their price objective on shares of Coupang from $32.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, February 27th. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Coupang currently has an average rating of “Hold” and an average price target of $26.70.

Insider Activity at Coupang

In other Coupang news, Director Neil Mehta bought 2,332,863 shares of the stock in a transaction on Friday, March 13th. The shares were bought at an average price of $18.40 per share, with a total value of $42,924,679.20. Following the purchase, the director directly owned 55,310,977 shares in the company, valued at $1,017,721,976.80. This trade represents a 4.40% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jonathan D. Lee sold 2,679 shares of Coupang stock in a transaction on 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 in the company, valued at approximately $2,883,907.52. This trade represents a 2.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have purchased 7,350,104 shares of company stock valued at $136,566,051 over the last quarter. 12.78% of the stock is owned by company insiders.

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.