5 Stocks To Sell According To Billionaire Louis Bacon

3. Coupang, Inc. (NYSE:CPNG)

Number of Hedge Fund Holders: 29

Headquartered in Seoul, South Korea, Coupang, Inc. (NYSE:CPNG) operates an ecommerce marketplace that offers home goods, apparel, beauty products, fresh food and groceries, sporting goods, electronics, and everyday consumables.

Billionaire Louis Bacon, via Moore Global Investments, acquired 2.18 million Coupang, Inc. (NYSE:CPNG) shares, valued at $60.8 million, representing 0.92% of the hedge fund’s third quarter investments. He disposed of his stake in Q4 2021. 

On November 15, Mizuho analyst James Lee lowered the price target on Coupang, Inc. (NYSE:CPNG) to $32 from $40 and kept a Neutral rating on the shares. The company reported a mixed quarter due to capacity constraints from a warehouse fire, increased investments in fresh/food delivery, and rising COVID-19 related costs, the analyst told investors in a research note. Heading into Q4, Lee expects these issues to persist.

According to Insider Monkey’s Q4 data, 29 hedge funds were bullish on Coupang, Inc. (NYSE:CPNG), with stakes totaling $8.6 billion, as compared to 45 funds in the prior quarter, holding stakes in Coupang, Inc. (NYSE:CPNG) worth $10.7 billion. Greenoaks Capital held the largest stake in Coupang, Inc. (NYSE:CPNG) as of Q4 2021, owning 115.8 million shares worth $3.40 billion.