Nextdoor (NYSE:KIND) Shares Down 9.5% - Here's What Happened
Nextdoor Holdings, Inc. (NYSE:KIND) shares fell 9.5% to $0.57, with a trading volume decline of 37%. Analysts have mixed views, with Morgan Stanley raising its price target to $0.50 and Goldman Sachs to $0.00. The company reported a quarterly loss of $0.06 per share, with revenue of $0.29 million, below expectations. Insider trading included the sale of 17,529 shares by General Counsel Sophia Schwartz. Institutional investors hold 35.66% of the stock, while 46.04% is owned by insiders. Nextdoor operates a neighborhood network connecting communities and businesses.
Nextdoor Holdings, Inc. (NYSE:KIND - Get Free Report)'s share price traded down 9.5% on Friday . The company traded as low as $2.48 and last traded at $2.57. 971,411 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 1,547,266 shares. The stock had previously closed at $2.84.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on KIND shares. Morgan Stanley lifted 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. The Goldman Sachs Group raised their price objective on Nextdoor from $2.50 to $3.00 and gave the company a "neutral" rating in a report on Thursday.
View Our Latest Research Report on KIND
Nextdoor Price Performance
The stock has a market cap of $957.37 million, a price-to-earnings ratio of -7.46 and a beta of 1.08. The firm has a fifty day moving average of $2.44 and a 200 day moving average of $2.49.
Nextdoor (NYSE:KIND - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. Nextdoor had a negative net margin of 65.63% and a negative return on equity of 22.69%. The firm had revenue of $63.29 million for the quarter, compared to analysts' expectations of $58.80 million. Research analysts anticipate that Nextdoor Holdings, Inc. will post -0.23 earnings per share for the current fiscal year.
Insider Buying and Selling at Nextdoor
In other Nextdoor news, General Counsel Sophia Schwartz sold 17,529 shares of the firm's stock in a transaction 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 completion of the sale, the general counsel now owns 304,666 shares of the company's stock, valued at $786,038.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 46.04% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Nextdoor
Institutional investors and hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd purchased a new position in shares of Nextdoor in the second quarter valued at approximately $28,000. Creative Planning purchased a new stake in shares of Nextdoor during the third quarter worth $28,000. Ground Swell Capital LLC acquired a new stake in shares of Nextdoor in the second quarter valued at $30,000. Xponance Inc. purchased a new position in Nextdoor in the second quarter valued at $31,000. Finally, nVerses Capital LLC acquired a new position in Nextdoor during the 2nd quarter worth $49,000. 35.66% of the stock is owned by hedge funds and other institutional investors.
About Nextdoor
(Get Free Report)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.
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