5 Best New Tech Stocks to Buy Now

2. Coupang, Inc. (NYSE: CPNG)

IPO Date: March 11, 2021 

No. of Hedge Funds Having Stakes in the Company: 40

Coupang, Inc. (NYSE: CPNG) is a South Korean e-commerce company with headquarters in Seoul, South Korea. Coupang, Inc. (NYSE: CPNG) holds nearly 24% of South Korea’s e-commerce market.

In Q1 2021, Coupang, Inc. (NYSE: CPNG) generated revenue of $4.21 billion, presenting a 74.7% year-over-year growth. Total Active Customers also grew by 21% from the prior-year quarter and reached 16 million. Coupang, Inc. (NYSE: CPNG) has expanded its operations in Malaysia and already operated in Japan and Tokyo. In May, Bill and Melinda Gates Foundation started building its position in Coupang, Inc. (NYSE: CPNG), with shares worth $220 million. In July, CLSA initiated its coverage on Coupang, Inc. (NYSE: CPNG) with an ‘Outperform’ rating and a $46 price target.

As of Q1 2021, 40 hedge funds tracked by Insider Monkey have positions in Coupang, Inc. (NYSE: CPNG), worth over $21.6 billion.