Citigroup Lowers Nextdoor (NYSE:KIND) Price Target to $2.85

Nextdoor (NYSE:KINDGet Rating) had its price target lowered by research analysts at Citigroup from $3.75 to $2.85 in a research note issued to investors on Wednesday, The Fly reports.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley decreased their target price on shares of Nextdoor from $3.00 to $2.50 and set an “equal weight” rating for the company in a research note on Wednesday, August 10th. The Goldman Sachs Group decreased their target price on shares of Nextdoor from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, August 10th. Finally, Evercore ISI reduced their price objective on shares of Nextdoor to $6.00 in a research report on Monday, August 15th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of 4.18.

Nextdoor Price Performance

KIND stock opened at 2.47 on Wednesday. The firm’s fifty day simple moving average is 2.81 and its 200-day simple moving average is 3.19. Nextdoor has a 12 month low of 2.04 and a 12 month high of 13.85. The company has a market capitalization of $953.50 million, a P/E ratio of -6.33 and a beta of 0.28.

Nextdoor (NYSE:KINDGet Rating) last posted its earnings results on Tuesday, August 9th. The company reported -0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of -0.10. Nextdoor had a negative net margin of 54.45% and a negative return on equity of 22.05%. The firm had revenue of 54.54 million during the quarter, compared to analysts’ expectations of 56.27 million. As a group, sell-side analysts forecast that Nextdoor will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Greylock 16 Gp Llc acquired 1,000,000 shares of Nextdoor stock in a transaction on Monday, August 15th. The stock was bought at an average cost of 3.13 per share, for a total transaction of 3,130,000.00. Following the completion of the transaction, the insider now owns 8,943,364 shares of the company’s stock, valued at approximately 27,992,729.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Nextdoor news, Director David L. Sze bought 765,000 shares of Nextdoor stock in a transaction dated Friday, August 19th. The stock was acquired at an average cost of 3.31 per share, for a total transaction of 2,532,150.00. Following the completion of the transaction, the director now directly owns 10,917,514 shares of the company’s stock, valued at 36,136,971.34. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Greylock 16 Gp Llc bought 1,000,000 shares of Nextdoor stock in a transaction dated Monday, August 15th. The stock was acquired at an average price of 3.13 per share, with a total value of 3,130,000.00. Following the completion of the transaction, the insider now directly owns 8,943,364 shares of the company’s stock, valued at 27,992,729.32. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 2,665,000 shares of company stock worth $8,678,150. Company insiders own 41.91% of the company’s stock.

Institutional Investors Weigh In On Nextdoor

Hedge funds have recently modified their holdings of the business. Buckingham Strategic Wealth LLC acquired a new stake in shares of Nextdoor in the third quarter valued at about $28,000. Quantbot Technologies LP raised its position in shares of Nextdoor by 261.4% in the first quarter. Quantbot Technologies LP now owns 4,922 shares of the company’s stock valued at $29,000 after buying an additional 3,560 shares during the last quarter. Freestone Capital Holdings LLC purchased a new stake in shares of Nextdoor in the third quarter valued at about $32,000. Legal & General Group Plc purchased a new stake in shares of Nextdoor in the second quarter valued at about $37,000. Finally, Arizona State Retirement System purchased a new stake in shares of Nextdoor in the second quarter valued at about $39,000. 31.14% of the stock is currently owned by institutional investors and hedge funds.

About Nextdoor

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Nextdoor Holdings, Inc operates as the neighborhood network that connects neighbors, businesses, and public services in the United States and internationally. It enables small and mid-sized businesses, large brands, public agencies, and nonprofits to receive information, give and get help, and build connections.

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