Nextdoor (NYSE:KIND) Price Target Raised to $3.00

Nextdoor (NYSE:KIND) had its price target lifted by The Goldman Sachs Group from $2.50 to $3.00 in a report issued on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

Separately, Morgan Stanley increased their price target on Nextdoor from $2.20 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd.

Nextdoor Price Performance

Shares of NYSE KIND traded down $0.24 during midday trading on Thursday, reaching $2.60. 8,258,518 shares of the company traded hands, compared to its average volume of 1,055,426. The company has a market cap of $987.77 million, a price-to-earnings ratio of -8.13 and a beta of 1.08. The stock has a 50-day moving average price of $2.44 and a 200 day moving average price of $2.49. Nextdoor has a 52 week low of $1.32 and a 52 week high of $2.99.

Nextdoor (NYSE:KIND) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The company had revenue of $65.61 million for the quarter, compared to the consensus estimate of $62.10 million. Nextdoor had a negative net margin of 53.23% and a negative return on equity of 18.79%. During the same period in the previous year, the firm earned ($0.10) EPS. As a group, analysts expect that Nextdoor will post -0.23 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Sophia Schwartz sold 17,529 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $2.58, for a total transaction of $45,224.82. Following the completion of the transaction, the general counsel now owns 304,666 shares in the company, valued at approximately $786,038.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 46.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nextdoor

A number of institutional investors and hedge funds have recently modified their holdings of KIND. Vanguard Group Inc. grew its holdings in shares of Nextdoor by 18.5% in the 1st quarter. Vanguard Group Inc. now owns 16,196,377 shares of the company’s stock worth $36,442,000 after acquiring an additional 2,529,694 shares during the last quarter. Marshall Wace LLP purchased a new position in Nextdoor in the 2nd quarter worth about $4,327,000. Dimensional Fund Advisors LP increased its stake in Nextdoor by 172.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,218,808 shares of the company’s stock worth $3,388,000 after purchasing an additional 770,858 shares in the last quarter. Millennium Management LLC raised its holdings in Nextdoor by 59.7% during the 2nd quarter. Millennium Management LLC now owns 1,406,953 shares of the company’s stock worth $3,911,000 after buying an additional 526,108 shares during the period. Finally, Cornerstone Partners Capital Management LLC purchased a new stake in Nextdoor during the third quarter valued at about $791,000. Institutional investors and hedge funds 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.