Engineers Gate Manager LP Takes Position in Klarna Group plc $KLAR

Key Points

• Engineers Gate Manager LP acquired 134,058 Klarna shares during the second quarter, valued at approximately $2.7 million. Several other institutional investors also initiated or increased positions.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $29.05; recent targets range from $16 to $23, while Wells Fargo cut its target to $21.
• CEO Sebastian Siemiatkowski bought 692,506 shares for nearly $10 million. Klarna reported better-than-expected quarterly earnings and 26.6% year-over-year revenue growth, although the stock was trading near $14.24 and remained unprofitable.

Engineers Gate Manager LP acquired a new position in shares of Klarna Group plc (NYSE:KLAR - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 134,058 shares of the company's stock, valued at approximately $2,713,000.

Several other hedge funds have also modified their holdings of the stock. Integrated Wealth Concepts LLC acquired a new position in Klarna Group during the second quarter worth approximately $35,000. NewEdge Advisors LLC grew its stake in shares of Klarna Group by 1,269.7% during the 2nd quarter. NewEdge Advisors LLC now owns 12,683 shares of the company's stock valued at $257,000 after buying an additional 11,757 shares during the period. California State Teachers Retirement System purchased a new stake in shares of Klarna Group during the 2nd quarter valued at $26,747,000. Alyeska Investment Group L.P. acquired a new stake in shares of Klarna Group during the 2nd quarter worth $11,848,000. Finally, Wedbush Securities Inc. acquired a new stake in shares of Klarna Group during the 2nd quarter worth $258,000.

Analysts Set New Price Targets

A number of brokerages recently weighed in on KLAR. Wells Fargo & Company reduced their target price on Klarna Group from $26.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday, August 19th. Wolfe Research lowered Klarna Group from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, August 25th. Loop Capital began coverage on Klarna Group in a report on Wednesday, September 9th. They issued a "hold" rating and a $18.00 price objective on the stock. Bank of America lifted their price objective on Klarna Group from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, May 18th. Finally, Scotiabank assumed coverage on Klarna Group in a report on Wednesday, September 2nd. They set a "sector perform" rating and a $16.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $29.05.

Insider Activity

In related news, CEO Sebastian Siemiatkowski bought 692,506 shares of the stock in a transaction dated Wednesday, August 26th. The stock was acquired at an average price of $14.37 per share, for a total transaction of $9,951,311.22. Following the completion of the purchase, the chief executive officer owned 25,344,322 shares in the company, valued at $364,197,907.14. This represents a 2.81% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Klarna Group Trading Up 3.0%

NYSE:KLAR opened at $14.24 on Tuesday. The firm's fifty day simple moving average is $17.29 and its 200 day simple moving average is $16.10. Klarna Group plc has a twelve month low of $12.06 and a twelve month high of $47.48. The firm has a market capitalization of $5.38 billion and a price-to-earnings ratio of -38.50.

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

About Klarna Group

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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