U.S. hedge fund Tiger Global Management has significantly increased its stake in Coupang (CPNG), investing approximately $141 million in additional shares-underscoring its strong belief in the company’s long-term growth potential.
On May 15, Tiger Global announced that it had acquired 13.3 million shares of Coupang during Q1 2024, up from its previous 8.12 million shares.
Tiger Global is a 20-year-old investment firm based in New York. Founder Chase Coleman is a former member of the legendary Tiger Fund and a protégé of Julian Robertson. Coleman established Tiger Global in 2001 with a $25 million seed investment from Robertson and began building his reputation through startup investments starting in 2003.
The hedge fund’s move reflects growing optimism surrounding Coupang’s performance rebound and its increasing influence in the Korean e-commerce market.
Wall Street analysts have also issued bullish projections for Coupang stock. According to forecasts from 14 analysts, the average 12-month price target is $29.56-representing a 10.47% upside from the current price of $26.76. Target estimates range from $24.00 to $36.00.
Additionally, 15 brokerage firms maintain an “Outperform” rating on the stock, signaling that many financial professionals view Coupang’s future growth potential favorably.
Coupang posted $8.16 billion in revenue in Q1 2024, marking a 20% year-over-year increase. According to Coupang Inc.’s consolidated earnings report filed with the U.S. Securities and Exchange Commission (SEC), the company recorded $8.22 billion in revenue for the quarter. Its previous record quarterly revenue was $7.97 billion in Q4 2023. On a dollar basis, revenue grew by 11%.
During the Q1 earnings call, Coupang Inc. Executive Chairman Bom Kim said, “Our consistent trend of strong growth and margin expansion is the result of years of investment and effort to minimize costs while delivering the best customer experience.”
