Klarna Group (NYSE:KLAR) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Klarna Group (NYSE:KLAR) from a hold rating to a sell rating in a report issued on Saturday,Wall Street Zen reports.

A number of other research firms also recently issued reports on KLAR. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $18.00 target price (down from $22.00) on shares of Klarna Group in a research report on Wednesday, August 19th. Morgan Stanley reduced their price target on Klarna Group from $21.00 to $17.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Klarna Group in a research note on Thursday, August 13th. Barclays lowered their price target on Klarna Group from $20.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 19th. Finally, Loop Capital initiated coverage on Klarna Group in a research note on Wednesday, September 9th. They set a “hold” rating and a $18.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $22.44.

Klarna Group Trading Down 1.4%

Klarna Group stock opened at $12.62 on Friday. The company has a 50 day moving average of $13.90 and a 200-day moving average of $16.95. Klarna Group has a twelve month low of $12.06 and a twelve month high of $40.05.

Klarna Group (NYSE:KLAR) last announced its earnings results 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 for the quarter, compared to analyst estimates of $992.56 million. Klarna Group had a negative return on equity of 5.39% and a negative net margin of 3.54%. The company’s quarterly revenue was up 26.6% on a year-over-year basis. As a group, analysts anticipate that Klarna Group will post -0.01 EPS for the current fiscal year.

Insider Buying and Selling at Klarna Group

In other Klarna Group news, CEO Sebastian Siemiatkowski purchased 692,506 shares of the company’s stock in a transaction dated Wednesday, August 26th. The stock was bought at an average cost of $14.37 per share, for a total transaction of $9,951,311.22. Following the completion of the transaction, the chief executive officer owned 25,344,322 shares in the company, valued at approximately $364,197,907.14. This represents a 2.81% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link.

Hedge Funds Weigh In On Klarna Group

Hedge funds have recently added to or reduced their stakes in the stock. Wedbush Securities Inc. lifted its stake in Klarna Group by 23.5% during the third quarter. Wedbush Securities Inc. now owns 15,770 shares of the company’s stock worth $195,000 after purchasing an additional 3,000 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Klarna Group by 154.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,402 shares of the company’s stock valued at $42,000 after purchasing an additional 2,067 shares in the last quarter. Byrne Asset Management LLC bought a new position in shares of Klarna Group in the 3rd quarter valued at $105,000. State Street Corp increased its stake in shares of Klarna Group by 1,428.3% in the 2nd quarter. State Street Corp now owns 305,742 shares of the company’s stock valued at $6,188,000 after purchasing an additional 285,736 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new position in shares of Klarna Group during the 2nd quarter worth $342,000.

Klarna Group Company Profile

Klarna Group is a global financial technology company that provides digital payment and consumer-finance services. Its platform enables shoppers to pay immediately, later, or over time, while giving merchants tools to process payments, manage checkout experiences, and engage customers.

The company’s products include buy now, pay later options, installment plans, direct payments, digital checkout services, and the Klarna Card. Klarna also operates a consumer shopping platform that allows users to discover products, compare offers, track purchases, and manage payments.