KeyBank Boosts Stake in Coupang as Institutional Interest Grows

KeyBank National Association has increased its investment in Coupang, Inc. by 13.4% during the second quarter of 2023. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission (SEC), KeyBank now holds 22,669 shares of Coupang, valued at approximately $679,000. This move reflects a growing confidence among institutional investors in the South Korean e-commerce giant.

Other significant changes have occurred among institutional investors during the same period. For instance, Altimeter Capital Management LP raised its stake in Coupang by 24.3%, now owning 7,441,445 shares worth $163.2 million after acquiring an additional 1,455,555 shares. Similarly, Bain Capital Public Equity Management II LLC increased its holdings by 39.4%, bringing their total to 1,467,232 shares valued at $32.2 million.

Vontobel Holding Ltd. entered the fray with a new stake valued at approximately $241,000, while Dark Forest Capital Management LP achieved a remarkable 460.8% increase, now holding 185,182 shares worth about $4.1 million. Raymond James Financial Inc. also boosted its position by 20.0%, owning 1,320,777 shares valued at $28.97 million. Collectively, institutional investors and hedge funds now control 83.72% of Coupang’s stock.

Insider Trading Activity

In related developments, insider trading activity at Coupang has garnered attention. On September 9, 2023, Director Benjamin Sun sold 815,797 shares at an average price of $31.88, resulting in a total transaction of approximately $26 million. Following this sale, Sun retained 503,624 shares, with a current value of around $16.06 million, marking a 61.83% decrease in his ownership.

Another insider, Harold Rogers, sold 64,755 shares on September 11, 2023, at an average price of $32.06, totaling about $2.08 million. Rogers now holds 449,569 shares valued at approximately $14.41 million, reflecting a 12.59% reduction in his position. Over the past ninety days, insiders have sold a total of 977,330 shares worth $30.86 million, while insiders currently own 12.78% of the company’s stock.

Coupang’s Financial Performance

Coupang’s stock opened at $32.00 on September 12, 2023. The company’s share price has fluctuated significantly over the past year, with a low of $19.02 and a high of $34.08. The firm has a market capitalization of $58.34 billion, a price-to-earnings (P/E) ratio of 160.02, and a beta of 1.18. Its fifty-day simple moving average stands at $31.49, while the 200-day average is $29.21.

In its latest earnings report on August 5, 2023, Coupang reported earnings per share (EPS) of $0.02, which fell short of analysts’ consensus estimate of $0.07. Despite missing EPS expectations, the company reported quarterly revenue of $8.52 billion, surpassing the consensus estimate of $8.34 billion. This figure represents a 16.4% increase compared to the same quarter last year. Analysts predict that Coupang will post an EPS of $0.17 for the current year.

Coupang, Inc. operates a retail business primarily in South Korea through its mobile applications and websites. The company offers a wide range of products and services, including home goods, apparel, beauty products, fresh food, electronics, and delivery services, operating through its Product Commerce and Developing Offerings segments.

For those interested in monitoring institutional investments and insider trades, further information is available through platforms that track 13F filings and market activities related to Coupang, Inc.