Short Interest in Nextdoor Holdings, Inc. (NYSE:KIND) Drops By 5.5%

Nextdoor Holdings, Inc. (NYSE:KIND) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 3,760,000 shares, a decline of 5.5% from the October 15th total of 3,980,000 shares. Approximately 2.0% of the company’s shares are sold short. Based on an average trading volume of 1,340,000 shares, the days-to-cover ratio is presently 2.8 days.

Analyst Ratings Changes

Several research analysts have commented on KIND shares. Morgan Stanley raised 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 target on Nextdoor from $2.50 to $3.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th.

Nextdoor Stock Performance

Shares of KIND opened at $2.46 on Wednesday. The stock has a market capitalization of $940.07 million, a PE ratio of -7.69 and a beta of 1.08. The company has a 50 day moving average price of $2.46 and a 200-day moving average price of $2.52. Nextdoor has a fifty-two week low of $1.32 and a fifty-two week high of $2.99.

Nextdoor (NYSE:KIND) last announced its earnings results on Wednesday, November 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The business had revenue of $65.61 million for the quarter, compared to analysts’ expectations of $62.10 million. Nextdoor had a negative return on equity of 19.42% and a negative net margin of 53.23%. During the same quarter last year, the firm earned ($0.10) EPS. Equities research analysts forecast that Nextdoor will post -0.22 EPS for the current year.

Insider Activity at Nextdoor

In other news, General Counsel Sophia Schwartz sold 17,529 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $2.58, for a total transaction of $45,224.82. Following the transaction, the general counsel now directly owns 304,666 shares of the company’s stock, valued at approximately $786,038.28. This trade represents a 5.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 46.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nextdoor

Large investors have recently added to or reduced their stakes in the company. Barclays PLC grew its position in shares of Nextdoor by 326.2% in the 3rd quarter. Barclays PLC now owns 267,490 shares of the company’s stock worth $663,000 after buying an additional 204,729 shares during the last quarter. Geode Capital Management LLC boosted its stake in Nextdoor by 5.3% in the third quarter. Geode Capital Management LLC now owns 4,042,728 shares of the company’s stock valued at $10,028,000 after acquiring an additional 205,015 shares in the last quarter. XTX Topco Ltd grew its holdings in Nextdoor by 1,558.9% in the third quarter. XTX Topco Ltd now owns 166,320 shares of the company’s stock worth $412,000 after purchasing an additional 156,294 shares during the last quarter. State Street Corp increased its position in shares of Nextdoor by 1.3% during the third quarter. State Street Corp now owns 3,568,959 shares of the company’s stock worth $8,851,000 after purchasing an additional 46,595 shares in the last quarter. Finally, Potrero Capital Research LLC lifted its holdings in shares of Nextdoor by 29.4% during the 3rd quarter. Potrero Capital Research LLC now owns 2,897,238 shares of the company’s stock valued at $7,185,000 after purchasing an additional 657,492 shares during the last quarter. 35.66% of the stock is currently owned by institutional investors.

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.