Klarna Group (NYSE:KLAR) Shares Cross Above 50-Day Moving Average – Here’s Why

Klarna Group plc (NYSE:KLAR) shares passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $13.54 and traded as high as $13.77. Klarna Group shares last traded at $13.6840, with a volume of 9,004,642 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have commented on KLAR. The Goldman Sachs Group increased their price objective on shares of Klarna Group from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Klarna Group from $18.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Morgan Stanley cut their target price on shares of Klarna Group from $21.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 19th. JPMorgan Chase & Co. downgraded Klarna Group from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $22.00 to $18.00 in a research note on Wednesday, August 19th. Finally, Zacks Research lowered Klarna Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Klarna Group currently has a consensus rating of “Hold” and an average price target of $22.44.

Klarna Group Trading Up 4.0%

The business’s 50-day moving average is $13.54 and its two-hundred day moving average is $16.60. The firm has a market cap of $5.17 billion and a P/E ratio of -36.98.

Klarna Group (NYSE:KLAR) last released its quarterly earnings data on Friday, August 14th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. Klarna Group had a negative net margin of 3.54% and a negative return on equity of 5.39%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $992.56 million. The company’s revenue for the quarter was up 26.6% on a year-over-year basis. On average, analysts anticipate 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 bought 692,506 shares of the business’s stock in a transaction on Wednesday, August 26th. The shares were bought 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 owned 25,344,322 shares of the company’s stock, valued at $364,197,907.14. This represents a 2.81% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Hedge Funds Weigh In On Klarna Group

Several institutional investors have recently modified their holdings of the company. Asset Management One Co. Ltd. increased its holdings in shares of Klarna Group by 39.9% in the 3rd quarter. Asset Management One Co. Ltd. now owns 3,235 shares of the company’s stock worth $40,000 after acquiring an additional 922 shares during the period. D.A. Davidson & CO. lifted its position in Klarna Group by 4.6% in the 3rd quarter. D.A. Davidson & CO. now owns 24,850 shares of the company’s stock valued at $308,000 after purchasing an additional 1,100 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Klarna Group during the 2nd quarter valued at about $35,000. Farther Finance Advisors LLC boosted its stake in Klarna Group by 154.8% during 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 during the period. Finally, Wedbush Securities Inc. boosted its stake in Klarna Group by 23.5% during the 3rd quarter. Wedbush Securities Inc. now owns 15,770 shares of the company’s stock valued at $195,000 after purchasing an additional 3,000 shares during the period.

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.