Nextdoor (NYSE:KIND) Stock Price Up 13.1% on Analyst Upgrade

Nextdoor Holdings, Inc. (NYSE:KIND) traded up 13.1% during trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $2.50 to $3.00. The Goldman Sachs Group currently has a neutral rating on the stock. Nextdoor traded as high as $2.93 and last traded at $2.93. 1,847,883 shares changed hands during mid-day trading, an increase of 20% from the average session volume of 1,540,043 shares. The stock had previously closed at $2.59.

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

Insider Buying and Selling

In related news, General Counsel Sophia Schwartz sold 17,529 shares of the stock in a transaction dated 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 in the company, valued at approximately $786,038.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 46.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nextdoor

Several hedge funds have recently modified their holdings of the stock. XTX Topco Ltd purchased a new stake in shares of Nextdoor in the second quarter worth about $28,000. Creative Planning bought a new stake in Nextdoor in the 3rd quarter worth approximately $28,000. Ground Swell Capital LLC purchased a new stake in shares of Nextdoor during the 2nd quarter worth approximately $30,000. Xponance Inc. bought a new position in shares of Nextdoor during the 2nd quarter valued at approximately $31,000. Finally, nVerses Capital LLC purchased a new position in shares of Nextdoor in the second quarter valued at $49,000. Hedge funds and other institutional investors own 35.66% of the company’s stock.

Nextdoor Price Performance

The company has a market cap of $1.08 billion, a P/E ratio of -7.46 and a beta of 1.08. The firm’s 50-day moving average is $2.44 and its two-hundred day moving average is $2.49.

Nextdoor (NYSE:KIND) last posted its earnings results on Wednesday, August 7th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $63.29 million for the quarter, compared to the consensus estimate of $58.80 million. Nextdoor had a negative net margin of 65.63% and a negative return on equity of 22.69%. As a group, sell-side analysts expect that Nextdoor Holdings, Inc. will post -0.23 EPS for the current year.

Nextdoor Company Profile

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.