Coupang (NYSE: CPNG) stock rose over 2% in the early trading hours Monday after the company announced a 58% increase in its “WOW” membership fee.
Coupang plans to raise its membership fees for new customers by 58% starting this Saturday, as reported by the Korean Times. The company’s membership service, known as Wow Membership, currently boasts around 14 million subscribers and offers a range of benefits, including next-day shipping, free returns, video streaming, and access to the Coupang Eats food delivery service.
A Coupang representative said,
“We’ll continue to surprise our customers with benefits that make Wow Membership the best service on the planet.”
Following this announcement, Coupang (CPNG) stock has received a noteworthy upgrade from Citi. The financial firm has upgraded its rating for the stock from Neutral to Buy, while also significantly raising the price target to $26.00, up from the previous $19.00.
Coupang (NYSE: CPNG) Stock Price Action
CPNG stock jumped 2.45% to $21.75 on Monday. The traders have exchanged hands with 5,106,147 (5.10 million) shares compared to the average daily trading volume of 13.93 million.
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