Lord Abbett & CO. LLC Grows Position in Coupang, Inc. (NYSE:CPNG)

Lord Abbett & CO. LLC boosted its stake in Coupang, Inc. (NYSE:CPNG - Free Report) by 269.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,292,886 shares of the company's stock after purchasing an additional 942,839 shares during the quarter. Lord Abbett & CO. LLC owned about 0.07% of Coupang worth $31,740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of CPNG. SG Americas Securities LLC purchased a new stake in Coupang in the second quarter worth approximately $175,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Coupang in the 2nd quarter valued at $1,130,000. Blue Trust Inc. bought a new position in shares of Coupang during the 2nd quarter valued at $231,000. TCW Group Inc. raised its position in Coupang by 6.4% in the 2nd quarter. TCW Group Inc. now owns 16,781 shares of the company's stock worth $352,000 after purchasing an additional 1,007 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Coupang by 0.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 373,672 shares of the company's stock worth $7,828,000 after purchasing an additional 1,125 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors.

Coupang Stock Down 1.2 %

Shares of CPNG stock traded down $0.30 during midday trading on Monday, reaching $23.60. 5,696,744 shares of the stock were exchanged, compared to its average volume of 9,641,844. The company's 50 day moving average is $24.93 and its two-hundred day moving average is $23.15. The company has a current ratio of 1.13, a quick ratio of 0.86 and a debt-to-equity ratio of 0.28. The firm has a market cap of $42.44 billion, a PE ratio of 41.39, a price-to-earnings-growth ratio of 215.03 and a beta of 1.07. Coupang, Inc. has a 1 year low of $13.51 and a 1 year high of $26.91.

Coupang (NYSE:CPNG - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. Coupang had a return on equity of 11.52% and a net margin of 3.57%. The business had revenue of $7.87 billion for the quarter, compared to the consensus estimate of $7.76 billion. During the same period in the previous year, the company posted $0.05 earnings per share. The company's revenue for the quarter was up 27.2% compared to the same quarter last year. On average, equities research analysts predict that Coupang, Inc. will post 0.11 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. CLSA upgraded Coupang from a "hold" rating to an "outperform" rating and lifted their price objective for the stock from $18.00 to $31.00 in a report on Wednesday, September 4th. Sanford C. Bernstein upgraded shares of Coupang from an "underperform" rating to an "outperform" rating and set a $30.00 price objective on the stock in a research report on Monday, October 7th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $27.56.

Insider Buying and Selling

In other news, Director Greenoaks Capital Partners Llc purchased 750,000 shares of the business's stock in a transaction on Friday, November 8th. The stock was acquired at an average cost of $24.01 per share, for a total transaction of $18,007,500.00. Following the purchase, the director now directly owns 52,038,723 shares in the company, valued at $1,249,449,739.23. This trade represents a 1.46 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Bom Kim sold 15,000,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $22.97, for a total transaction of $344,550,000.00. Following the completion of the transaction, the chief executive officer now owns 2,000,000 shares in the company, valued at $45,940,000. This trade represents a 88.24 % decrease in their position. The disclosure for this sale can be found here. 13.60% of the stock is owned by corporate insiders.

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.