Klarna Group (NYSE:KLAR) Shares Climb 4.6% – Here’s Why

Shares of Klarna Group plc (NYSE:KLAR) shot up 4.6% on Friday. The stock traded as high as $13.21 and last traded at $13.30. Approximately 557,687 shares were traded during mid-day trading, a decline of 90% from the average session volume of 5,727,024 shares. The stock had previously closed at $12.71.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Klarna Group in a report on Wednesday. Loop Capital started coverage on shares of Klarna Group in a report on Wednesday, September 9th. They set a “hold” rating and a $18.00 target price on the stock. Keefe, Bruyette & Woods reduced their target price on shares of Klarna Group from $26.00 to $21.00 and set an “outperform” rating on the stock in a research report on Friday, August 21st. Barclays decreased their price target on shares of Klarna Group from $20.00 to $16.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 19th. Finally, TD Cowen decreased their price target on shares of Klarna Group from $18.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Klarna Group has an average rating of “Hold” and an average price target of $22.44.

Klarna Group Trading Up 6.4%

The company has a market cap of $5.11 billion, a PE ratio of -36.66 and a beta of 1.62. The firm has a 50 day moving average of $13.37 and a two-hundred day moving average of $15.83.

Klarna Group (NYSE:KLAR) last announced its quarterly earnings data on Friday, August 14th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $992.56 million. Klarna Group had a negative return on equity of 5.39% and a negative net margin of 3.54%. The business’s revenue was up 26.6% compared to the same quarter last year. On average, research analysts forecast that Klarna Group plc will post -0.01 EPS for the current year.

Insider Activity at Klarna Group

In related news, CEO Sebastian Siemiatkowski purchased 692,506 shares of Klarna Group stock in a transaction dated Wednesday, August 26th. The stock was purchased at an average cost of $14.37 per share, for a total transaction of $9,951,311.22. Following the completion of the acquisition, the chief executive officer directly owned 25,344,322 shares of the company’s stock, valued at $364,197,907.14. The trade was a 2.81% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Hedge Funds Weigh In On Klarna Group

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in Klarna Group by 89.6% in the second quarter. BlackRock Inc. now owns 5,698,353 shares of the company’s stock worth $115,335,000 after buying an additional 2,693,374 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Klarna Group by 173.9% during the first quarter. Renaissance Technologies LLC now owns 2,043,100 shares of the company’s stock valued at $26,744,000 after buying an additional 1,297,200 shares during the last quarter. Amova Asset Management Americas Inc. grew its holdings in shares of Klarna Group by 57.8% during the first quarter. Amova Asset Management Americas Inc. now owns 1,198,554 shares of the company’s stock valued at $15,701,000 after buying an additional 438,930 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Klarna Group during the second quarter valued at approximately $11,848,000. Finally, State Street Corp increased its position in shares of Klarna Group by 1,428.3% during the second quarter. State Street Corp now owns 305,742 shares of the company’s stock valued at $6,188,000 after acquiring an additional 285,736 shares in the last quarter.

About Klarna Group

Klarna Group is a financial technology company that provides digital payment and shopping services to consumers and merchants. Its offerings include checkout payments, installment plans, and options to pay immediately or at a later date, subject to availability and terms. The company also operates a shopping app where users can discover products, compare prices, track orders, and manage purchases. For merchants, Klarna provides payment processing and related tools designed to support online and in-store commerce.