Nextdoor (NYSE:NXDR) Trading Down 5.5% – What’s Next?

Shares of Nextdoor Holdings, Inc. (NYSE:NXDR) were down 5.5% during mid-day trading on Tuesday . The company traded as low as $2.51 and last traded at $2.4950. 1,493,659 shares were traded during trading, a decline of 52% from the average session volume of 3,093,867 shares. The stock had previously closed at $2.64.

Analyst Upgrades and Downgrades

NXDR has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nextdoor in a research report on Friday, July 10th. B. Riley Financial raised Nextdoor from a “neutral” rating to a “buy” rating and upped their price target for the company from $2.00 to $3.30 in a research report on Thursday, August 6th. Finally, Citigroup boosted their price target on shares of Nextdoor from $2.30 to $2.85 and gave the company a “neutral” rating in a report on Monday, August 17th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $2.80.

Nextdoor Stock Down 6.3%

The firm has a market capitalization of $943.94 million, a P/E ratio of -31.19 and a beta of 1.37. The business has a 50-day moving average price of $2.38 and a 200-day moving average price of $2.03.

Nextdoor (NYSE:NXDR) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. Nextdoor had a negative return on equity of 6.16% and a negative net margin of 11.08%.The company had revenue of $74.55 million for the quarter, compared to the consensus estimate of $72.10 million. As a group, sell-side analysts forecast that Nextdoor Holdings, Inc. will post -0.05 EPS for the current year.

Insider Transactions at Nextdoor

In other Nextdoor news, CAO Antoinette How sold 154,893 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $2.43, for a total value of $376,389.99. Following the transaction, the chief accounting officer owned 154,893 shares of the company’s stock, valued at approximately $376,389.99. The trade was a 50.00% decrease 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 33.46% of the company’s stock.

Hedge Funds Weigh In On Nextdoor

A number of large investors have recently modified their holdings of the stock. Amova Asset Management Americas Inc. acquired a new stake in Nextdoor in the fourth quarter worth about $24,871,000. Renaissance Technologies LLC boosted its stake in Nextdoor by 4.7% in the 1st quarter. Renaissance Technologies LLC now owns 3,112,000 shares of the company’s stock worth $4,357,000 after purchasing an additional 139,661 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Nextdoor by 24.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,707,745 shares of the company’s stock worth $3,791,000 after buying an additional 530,913 shares in the last quarter. Bond Capital Management LP bought a new stake in shares of Nextdoor in the fourth quarter worth $2,937,000. Finally, Creek Drive Management Group LLC acquired a new position in shares of Nextdoor during the 4th quarter worth about $2,625,000. 35.66% of the stock is currently owned by institutional investors and hedge funds.

Nextdoor Company Profile

Nextdoor Holdings, Inc operates Nextdoor, a neighborhood-focused social networking platform available through mobile applications and the web. The service enables people to connect with nearby residents, exchange local information, request and provide recommendations, share alerts, and discuss community issues. Users generally join neighborhood networks tied to their residential locations, helping Nextdoor support conversations based on geographic communities.

The platform also offers features for local businesses, public agencies, and nonprofit organizations.