Korean e-commerce giant Coupang (NYSE: CPNG) has seen its shares rocket 41% higher this year. The underfollowed growth stock put up another strong earnings report and then announced an upcoming price hike to its Rocket WOW subscription membership program. At a current stock price of $23, investors are valuing the company at a market cap of approximately $41 billion.

Despite this strong start to 2024, I still think Coupang stock is dirt cheap. Here's why the South Korean retailer may be the best growth stock to put $1,000 into right now.

Coupang operates a similar business model to Amazon's but in South Korea. It has a sprawling logistics network that delivers items quickly and cheaply to its large customer base, a premium subscription service for free delivery, and grocery delivery, just like its North American competitor.

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Source Fool.com