Nextdoor (NYSE:KIND) Trading Down 4% After Analyst Downgrade

Nextdoor Holdings, Inc. (NYSE:KIND) shares traded down 4% during mid-day trading on Monday after The Goldman Sachs Group lowered their price target on the stock from $2.50 to $1.75. The Goldman Sachs Group currently has a neutral rating on the stock. Nextdoor traded as low as $1.42 and last traded at $1.43. 503,812 shares were traded during trading, a decline of 71% from the average session volume of 1,759,165 shares. The stock had previously closed at $1.49.

Separately, Craig Hallum initiated coverage on shares of Nextdoor in a research note on Thursday, January 30th. They issued a “buy” rating and a $4.00 target price for the company.

Insider Activity

In other Nextdoor news, General Counsel Sophia Schwartz sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $1.72, for a total value of $25,800.00. Following the sale, the general counsel now owns 267,445 shares in the company, valued at approximately $460,005.40. This represents a 5.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 46.04% of the company’s stock.

Hedge Funds Weigh In On Nextdoor

Large investors have recently made changes to their positions in the company. Renaissance Technologies LLC increased its holdings in Nextdoor by 98.2% in the fourth quarter. Renaissance Technologies LLC now owns 3,967,200 shares of the company’s stock valued at $9,402,000 after buying an additional 1,965,300 shares in the last quarter. Millennium Management LLC increased its stake in shares of Nextdoor by 177.6% in the 4th quarter. Millennium Management LLC now owns 2,999,267 shares of the company’s stock valued at $7,108,000 after purchasing an additional 1,918,884 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Nextdoor by 115.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,696,339 shares of the company’s stock worth $6,390,000 after purchasing an additional 1,444,343 shares during the period. D. E. Shaw & Co. Inc. raised its holdings in Nextdoor by 193.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,082,482 shares of the company’s stock worth $4,935,000 after purchasing an additional 1,371,705 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Nextdoor by 6.3% in the fourth quarter. Vanguard Group Inc. now owns 17,609,806 shares of the company’s stock valued at $41,735,000 after purchasing an additional 1,041,258 shares during the period. 35.66% of the stock is currently owned by institutional investors and hedge funds.

Nextdoor Stock Down 0.7 %

The firm has a market capitalization of $571.73 million, a PE ratio of -4.63 and a beta of 1.16. The stock has a 50-day moving average price of $1.97 and a 200 day moving average price of $2.30.

Nextdoor (NYSE:KIND) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). Nextdoor had a negative net margin of 53.23% and a negative return on equity of 19.42%. The company had revenue of $65.23 million during the quarter, compared to analysts’ expectations of $63.12 million. As a group, equities analysts predict that Nextdoor Holdings, Inc. will post -0.22 earnings per share for the current fiscal year.

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.