285,736 Klarna Group plc $KLAR Shares Purchased by State Street Corp

Key Points

• State Street increased its Klarna stake by 1,428.3% in the second quarter, purchasing 285,736 shares and bringing its holdings to 305,742 shares valued at approximately $6.2 million.
• CEO Sebastian Siemiatkowski bought 692,506 shares at an average price of $14.37, investing nearly $10 million and increasing his direct ownership by 2.81%.
• Klarna reported stronger-than-expected quarterly results, with $1.04 billion in revenue and $0.01 in EPS, but shares traded near $12.77 and analysts maintained a consensus “Hold” rating amid several price-target cuts.

State Street Corp boosted its holdings in shares of Klarna Group plc (NYSE:KLAR - Free Report) by 1,428.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 305,742 shares of the company's stock after buying an additional 285,736 shares during the period. State Street Corp owned about 0.08% of Klarna Group worth $6,188,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd raised its holdings in shares of Klarna Group by 19.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,053 shares of the company's stock worth $117,000 after buying an additional 665 shares in the last quarter. Leonteq Securities AG bought a new stake in Klarna Group in the fourth quarter valued at $29,000. Integrated Wealth Concepts LLC acquired a new position in Klarna Group during the second quarter worth $35,000. Atwood & Palmer Inc. bought a new position in shares of Klarna Group during the second quarter valued at $86,000. Finally, Banque Cantonale Vaudoise boosted its stake in shares of Klarna Group by 176.6% in the 1st quarter. Banque Cantonale Vaudoise now owns 7,197 shares of the company's stock valued at $94,000 after purchasing an additional 4,595 shares in the last quarter.

Insider Buying and Selling

In related news, CEO Sebastian Siemiatkowski purchased 692,506 shares of the firm's stock in a transaction on 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 purchase, the chief executive officer directly owned 25,344,322 shares in the company, valued at $364,197,907.14. This trade represents a 2.81% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Klarna Group Trading Down 0.8%

Klarna Group stock opened at $12.77 on Friday. Klarna Group plc has a 1-year low of $12.06 and a 1-year high of $44.75. The company has a fifty day simple moving average of $16.24 and a 200 day simple moving average of $16.07. The company has a market cap of $4.82 billion and a P/E ratio of -34.50.

Klarna Group (NYSE:KLAR - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.07. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $992.56 million. Klarna Group had a negative net margin of 3.54% and a negative return on equity of 5.39%. Klarna Group's quarterly revenue was up 26.6% on a year-over-year basis. On average, equities research analysts forecast that Klarna Group plc will post -0.01 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Wolfe Research downgraded shares of Klarna Group from an "outperform" rating to a "peer perform" rating in a report on Tuesday, August 25th. BMO Capital Markets dropped their price objective on shares of Klarna Group from $19.00 to $15.00 and set a "market perform" rating for the company in a report on Wednesday, August 19th. UBS Group cut shares of Klarna Group from a "buy" rating to a "neutral" rating and cut their target price for the company from $23.00 to $16.00 in a research note on Monday, August 24th. Morgan Stanley dropped their price target on Klarna Group from $21.00 to $17.00 and set an "equal weight" rating for the company in a report on Wednesday, August 19th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $18.00 price objective (down from $22.00) on shares of Klarna Group in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Klarna Group currently has a consensus rating of "Hold" and an average price target of $27.79.

Klarna Group Company Profile

Klarna Group plc is a financial technology company that provides digital payments and shopping services for consumers and merchants. Its offerings include flexible payment options such as pay now, pay later and installment plans, along with digital checkout tools designed to help merchants accept and manage online and in-store transactions.

The company also operates a consumer shopping platform and mobile application that allow users to search for products, compare offerings, make purchases and manage payments.

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