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Coupang, Inc. (NYSE:CPNG) shares are trading higher Friday after it was reported that the company will raise membership fees.
The Details:
Coupang will raise its membership fees by 58% beginning on Saturday for new customers, according to a report from the Korean Times. The company's membership service boasts approximately 14 million subscribers and benefits include next-day shipping, free returns, video streaming and Coupang Eats food delivery service.
“We’ll continue to surprise our customers with benefits that make Wow Membership the best service on the planet," a Coupang representative said.
Coupang shares are moving on heavy trading volume following the report. According to data from Benzinga Pro, more than 23 million shares have already been traded Friday, compared to the stock’s 100-day average of 13.108 million shares.
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Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Coupang's case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
CPNG Price Action: According to Benzinga Pro, Coupang shares are up 11.2% at $21.20 at the time of publication Friday.
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Posted In: CPNG
