Nextdoor (NYSE:KIND) Shares Down 9.5% – Here’s Why

Nextdoor Holdings, Inc. (NYSE:KIND) was down 9.5% during mid-day trading on Friday . The company traded as low as $2.48 and last traded at $2.57. Approximately 971,411 shares changed hands during trading, a decline of 37% from the average daily volume of 1,547,266 shares. The stock had previously closed at $2.84.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. The Goldman Sachs Group increased their target price on Nextdoor from $2.50 to $3.00 and gave the company a “neutral” rating in a research note on Thursday. Morgan Stanley upped their price objective on Nextdoor from $2.20 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd.

Nextdoor Price Performance

The stock has a market capitalization of $987.77 million, a PE ratio of -8.13 and a beta of 1.08. The firm’s 50 day simple moving average is $2.44 and its 200 day simple moving average is $2.49.

Nextdoor (NYSE:KIND) last issued its earnings results on Wednesday, August 7th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Nextdoor had a negative net margin of 53.23% and a negative return on equity of 18.79%. The company had revenue of $63.29 million for the quarter, compared to analysts’ expectations of $58.80 million. Analysts expect that Nextdoor Holdings, Inc. will post -0.23 earnings per share for the current fiscal year.

Insider Transactions at Nextdoor

In related news, General Counsel Sophia Schwartz sold 17,529 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $2.58, for a total transaction of $45,224.82. Following the transaction, the general counsel now directly owns 304,666 shares in the company, valued at $786,038.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 46.04% of the company’s stock.

Institutional Investors Weigh In On Nextdoor

Institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its position in shares of Nextdoor by 14.2% in the second quarter. The Manufacturers Life Insurance Company now owns 68,852 shares of the company’s stock valued at $191,000 after acquiring an additional 8,546 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Nextdoor by 28.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 43,779 shares of the company’s stock worth $99,000 after purchasing an additional 9,689 shares during the last quarter. XTX Topco Ltd purchased a new position in Nextdoor during the 2nd quarter valued at about $28,000. Ground Swell Capital LLC bought a new position in Nextdoor during the 2nd quarter valued at approximately $30,000. Finally, Xponance Inc. purchased a new stake in Nextdoor in the 2nd quarter worth approximately $31,000. Hedge funds and other institutional investors own 35.66% of the company’s stock.

About Nextdoor

Nextdoor Holdings, Inc operates a neighborhood network that connects neighbors, businesses, and public services in the United States and internationally. The company enables neighbors and organizations to get information, give and get help, and build connections. It also offers advertising solutions, designs to generate value for businesses for connection and sales expansion.