Carrhae Capital 13F: Exits Coupang (CPNG) Stake

Carrhae Capital completely exited its investment in Coupang, Inc. CPNG, parting with all 2,198,457 shares it previously held. The complete disposal was disclosed in a Form 13F filing with the SEC on October 20, 2026. The fund held no shares at the end of the reported period, marking a 100% reduction from its prior stake.

CPNG Coupang, Inc.

$14.32 ▼ -38.72% year to date

1M 3M YTD

Daily close · Oct 20, 2026

What Changed in Carrhae Capital's Coupang Position

Carrhae Capital sold out of its entire holding in Coupang, dropping its share count from 2,198,457 shares to zero. Because the firm completely closed the position, it no longer holds any shares of the e-commerce company.

Other Institutional Activity in Coupang

Other large institutional investors adjusted their positions in Coupang around the same time. Assenagon Asset Management S.A. grew its holdings by 14,865,737 shares, ending with 28,102,139 shares worth about $389.8 million. Dodge & Cox grew its holdings by 22,774,800 shares, ending with 72,008,120 shares worth about $1.3 billion. BAILLIE GIFFORD & CO cut its stake by 41,917,801 shares, ending with 78,743,687 shares worth about $1.13 billion. SB Investment Advisers held steady with 289,542,259 shares valued at roughly $4.15 billion, while D1 Capital Partners opened a new position of 11,611,741 shares worth about $202.3 million.

Coupang, Inc. Stock Up 0.4%

Coupang shares closed at $14.32 on October 20, 2026, and recently traded around $14.33. The stock sits about 5.6% below its 50-day moving average of $15.17 and roughly 18.8% below its 200-day moving average of $17.65. Shares trade well below the 52-week high of $32.35 while holding slightly above the 52-week low of $13.35. The consensus analyst price target stands at $23.39, leaving the recent price below that average target.

Recent Earnings

Coupang reported trailing-twelve-month revenue of $35.46 billion with a year-over-year revenue growth rate of 3.9%. The company posted a negative trailing-twelve-month earnings per share of $0.43, alongside a net profit margin of -2.2% and a return on equity of -20.0%. The company's next quarterly financial update is scheduled for release on November 3, 2026.

Insider Buying and Selling at Coupang, Inc.

Company insiders executed several transactions prior to the filing. Director Neil Mehta acquired 7,350,104 shares valued at about $136.6 million on March 13, 2026. General Counsel Harold Rogers sold 192,110 shares at $16.18 per share for a total of roughly $3.1 million on August 10, 2026. Officer Jonathan D. Lee sold 5,519 shares at $16.10 per share for $88,867 on August 10, 2026, and later sold another 5,519 shares at $13.65 per share for $75,339 on October 2, 2026.

Analysts Set New Price Targets

Wall Street firms updated their views on the stock ahead of the filing. B of A Securities maintained a Buy rating while lowering its price target from $28.00 to $27.00 on June 25, 2026, and later adjusted it to $24.00 on August 6, 2026. Barclays maintained an Overweight rating and trimmed its target from $30.00 to $29.00 on July 7, 2026. Mizuho maintained a Neutral rating with a price target of $24.00 on July 29, 2026. Deutsche Bank upgraded the stock to Buy while lowering its target from $23.00 to $21.50 on August 6, 2026. Overall, the stock carries a consensus Buy rating from 18 analysts.

About Coupang, Inc.

Coupang operates mobile applications and e-commerce websites focused on retail, marketplace offerings, fresh grocery delivery, and advertising products, primarily serving customers in South Korea and international markets. The company handles large-scale logistics and fulfillment operations to support its digital retail ecosystem.

Bottom Line

Investors are keeping an eye on Coupang as the company prepares to report its next earnings results on November 3, 2026. Institutional shifts and ongoing insider transactions continue to shape market sentiment around the retailer.