Klarna Group plc $KLAR Stock Position Reduced by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Klarna Group plc (NYSE:KLAR) by 5.6% during the 3rd quarter, Holdings Channel reports. The fund owned 1,066,866 shares of the company’s stock after selling 63,197 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Klarna Group were worth $13,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Asset Management One Co. Ltd. grew its position in Klarna Group by 39.9% during the 3rd quarter. Asset Management One Co. Ltd. now owns 3,235 shares of the company’s stock worth $40,000 after purchasing an additional 922 shares during the period. D.A. Davidson & CO. raised its stake in shares of Klarna Group by 4.6% during the 3rd quarter. D.A. Davidson & CO. now owns 24,850 shares of the company’s stock worth $308,000 after buying an additional 1,100 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Klarna Group during the second quarter worth $35,000. Farther Finance Advisors LLC lifted its stake in 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 buying an additional 2,067 shares in the last quarter. Finally, Wedbush Securities Inc. lifted its position in shares of Klarna Group by 23.5% in the third quarter. Wedbush Securities Inc. now owns 15,770 shares of the company’s stock valued at $195,000 after acquiring an additional 3,000 shares in the last quarter.

Klarna Group Trading Down 2.4%

Klarna Group stock opened at $13.56 on Friday. The firm has a market capitalization of $5.12 billion, a P/E ratio of -36.64 and a beta of 1.62. Klarna Group plc has a twelve month low of $12.06 and a twelve month high of $38.19. The stock’s fifty day simple moving average is $13.47 and its 200-day simple moving average is $16.19.

Klarna Group (NYSE:KLAR) last released 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. 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 analyst estimates of $992.56 million. Klarna Group’s revenue for the quarter was up 26.6% on a year-over-year basis. Sell-side analysts predict that Klarna Group plc will post -0.01 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Sebastian Siemiatkowski purchased 692,506 shares of Klarna Group stock in a transaction on Wednesday, August 26th. The shares were bought at an average price of $14.37 per share, with a total value of $9,951,311.22. Following the transaction, the chief executive officer directly owned 25,344,322 shares of the company’s stock, valued at approximately $364,197,907.14. This trade 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 the SEC website.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on KLAR shares. Zacks Research downgraded shares of Klarna Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 5th. Loop Capital started coverage on Klarna Group in a report on Wednesday, September 9th. They set a “hold” rating and a $18.00 price target for the company. Wolfe Research cut shares of Klarna Group from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, August 25th. JPMorgan Chase & Co. downgraded Klarna Group from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $22.00 to $18.00 in a research report on Wednesday, August 19th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Klarna Group in a research note on Thursday, August 13th. One 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. According to data from MarketBeat, Klarna Group has a consensus rating of “Hold” and a consensus price target of $22.44.

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.