Westpac Banking Corp Makes New Investment in Coupang, Inc. (NYSE:CPNG)

Westpac Banking Corp purchased a new position in shares of Coupang, Inc. (NYSE:CPNG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 32,634 shares of the company's stock, valued at approximately $717,000.

A number of other hedge funds also recently modified their holdings of CPNG. Pacer Advisors Inc. raised its position in shares of Coupang by 4.1% in the 4th quarter. Pacer Advisors Inc. now owns 11,502 shares of the company's stock worth $253,000 after acquiring an additional 452 shares in the last quarter. Angeles Wealth Management LLC raised its stake in shares of Coupang by 0.8% during the 4th quarter. Angeles Wealth Management LLC now owns 55,074 shares of the company's stock worth $1,211,000 after purchasing an additional 459 shares during the period. IFP Advisors Inc grew its holdings in Coupang by 3.8% during the fourth quarter. IFP Advisors Inc now owns 12,734 shares of the company's stock valued at $280,000 after purchasing an additional 469 shares during the period. Ignite Planners LLC boosted its position in Coupang by 2.5% during the fourth quarter. Ignite Planners LLC now owns 20,162 shares of the company's stock worth $452,000 after purchasing an additional 483 shares during the period. Finally, National Bank of Canada FI raised its position in shares of Coupang by 8.6% in the fourth quarter. National Bank of Canada FI now owns 6,944 shares of the company's stock valued at $153,000 after purchasing an additional 548 shares during the period. Institutional investors own 83.72% of the company's stock.

Insider Buying and Selling

In other news, VP Pranam Kolari sold 8,459 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $22.98, for a total value of $194,387.82. Following the transaction, the vice president now owns 136,806 shares in the company, valued at $3,143,801.88. This represents a 5.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Benjamin Sun sold 250,000 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $23.43, for a total transaction of $5,857,500.00. Following the sale, the director now directly owns 1,719,421 shares of the company's stock, valued at approximately $40,286,034.03. The trade was a 12.69 % decrease in their position. The disclosure for this sale can be found here. 13.60% of the stock is currently owned by insiders.

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Coupang Stock Down 5.9 %

Shares of CPNG stock traded down $1.28 during mid-day trading on Thursday, reaching $20.56. 2,696,153 shares of the company's stock traded hands, compared to its average volume of 8,413,772. The company has a quick ratio of 0.86, a current ratio of 1.13 and a debt-to-equity ratio of 0.28. The company's 50-day moving average price is $23.19 and its 200-day moving average price is $23.74. The company has a market cap of $37.11 billion, a P/E ratio of 36.09, a P/E/G ratio of 52.20 and a beta of 1.09. Coupang, Inc. has a 12 month low of $18.16 and a 12 month high of $26.91.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CPNG shares. Mizuho increased their target price on Coupang from $25.00 to $27.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. Citigroup cut their price objective on shares of Coupang from $31.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday, January 8th. Barclays set a $35.00 price target on shares of Coupang and gave the company an "overweight" rating in a research report on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Coupang from a "hold" rating to a "buy" rating and set a $28.50 target price for the company in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.