Norges Bank Invests $404.90 Million in Coupang, Inc. (NYSE:CPNG)

Norges Bank purchased a new stake in shares of Coupang, Inc. (NYSE:CPNG - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 18,421,094 shares of the company's stock, valued at approximately $404,896,000. Norges Bank owned 1.02% of Coupang as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Wingate Wealth Advisors Inc. bought a new stake in Coupang during the fourth quarter worth approximately $26,000. Brooklyn Investment Group acquired a new stake in shares of Coupang during the 3rd quarter valued at $28,000. Berbice Capital Management LLC acquired a new stake in shares of Coupang during the 4th quarter valued at $31,000. Allworth Financial LP boosted its stake in shares of Coupang by 11,033.3% during the 4th quarter. Allworth Financial LP now owns 2,004 shares of the company's stock worth $45,000 after acquiring an additional 1,986 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Coupang by 34.7% in the 4th quarter. Signaturefd LLC now owns 3,193 shares of the company's stock worth $70,000 after acquiring an additional 822 shares during the last quarter. Institutional investors own 83.72% of the company's stock.

Coupang Stock Performance

CPNG traded down $1.19 during trading on Thursday, reaching $21.30. 3,338,459 shares of the company's stock were exchanged, compared to its average volume of 8,380,929. The business has a 50 day moving average price of $23.52 and a 200 day moving average price of $23.91. The company has a market capitalization of $38.46 billion, a P/E ratio of 37.37, a PEG ratio of 52.20 and a beta of 1.10. Coupang, Inc. has a fifty-two week low of $18.14 and a fifty-two week high of $26.91. The company has a quick ratio of 0.86, a current ratio of 1.13 and a debt-to-equity ratio of 0.28.

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Insiders Place Their Bets

In other news, 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 completion of the sale, the vice president now owns 136,806 shares of the company's stock, valued at approximately $3,143,801.88. This trade represents a 5.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Benjamin Sun sold 250,000 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was 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 in the company, valued at $40,286,034.03. The trade was a 12.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 13.60% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CPNG. Barclays set a $35.00 price target on Coupang and gave the stock an "overweight" rating in a research note on Thursday, February 27th. Mizuho lifted their target price on shares of Coupang from $25.00 to $27.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Coupang from a "hold" rating to a "buy" rating and set a $28.50 price target for the company in a research report on Wednesday, February 26th. Finally, Citigroup decreased their price objective on shares of Coupang from $31.00 to $28.00 and set a "buy" rating for the company in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus 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.