Nextdoor (NYSE:KIND) Shares Down 4% on Analyst Downgrade

Nextdoor Holdings, Inc. (NYSE:KIND)’s share price fell 4% during 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 mid-day 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 began coverage on shares of Nextdoor in a report on Thursday, January 30th. They issued a “buy” rating and a $4.00 price target for the company.

Insiders Place Their Bets

In other Nextdoor news, General Counsel Sophia Schwartz sold 15,000 shares of the firm’s stock in a transaction 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 transaction, the general counsel now owns 267,445 shares in the company, valued at approximately $460,005.40. This trade represents a 5.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 46.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nextdoor

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

Nextdoor Trading Down 1.7 %

The firm has a fifty day moving average price of $1.95 and a 200 day moving average price of $2.29. The firm has a market cap of $565.93 million, a PE ratio of -4.58 and a beta of 1.16.

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