Nextdoor (NYSE:NXDR) Raised to “Buy” at Wall Street Zen

Nextdoor (NYSE:NXDR) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

A number of other equities analysts also recently weighed in on the stock. B. Riley Financial reissued a “neutral” rating on shares of Nextdoor in a research note on Thursday. Weiss Ratings started coverage on Nextdoor in a report on Thursday, January 15th. They set a “sell (d-)” rating for the company. Finally, Citigroup lowered their price objective on Nextdoor from $2.20 to $2.10 and set a “neutral” rating for the company in a research report on Friday. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Nextdoor currently has a consensus rating of “Reduce” and a consensus price target of $2.10.

Nextdoor Trading Down 4.3%

Nextdoor stock opened at $1.67 on Friday. Nextdoor has a one year low of $1.32 and a one year high of $3.72. The company has a market capitalization of $652.86 million, a P/E ratio of -11.89 and a beta of 1.18.

Nextdoor (NYSE:NXDR) last released its quarterly earnings results on Wednesday, February 18th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $69.48 million during the quarter. Nextdoor had a negative net margin of 21.04% and a negative return on equity of 11.48%.

Insider Buying and Selling at Nextdoor

In other news, General Counsel Sophia Schwartz sold 23,278 shares of the company’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $1.95, for a total transaction of $45,392.10. Following the transaction, the general counsel owned 286,587 shares in the company, valued at approximately $558,844.65. This represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Antoinette How sold 13,935 shares of the business’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $1.95, for a total value of $27,173.25. Following the completion of the sale, the chief accounting officer directly owned 18,270 shares of the company’s stock, valued at $35,626.50. The trade was a 43.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 33.39% of the company’s stock.

Hedge Funds Weigh In On Nextdoor

A number of hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC purchased a new position in shares of Nextdoor in the 4th quarter worth about $25,000. Geneos Wealth Management Inc. bought a new stake in Nextdoor in the fourth quarter worth about $26,000. Commonwealth Equity Services LLC purchased a new position in Nextdoor in the fourth quarter valued at about $27,000. Mackenzie Financial Corp bought a new position in shares of Nextdoor during the 4th quarter valued at approximately $29,000. Finally, Cibc World Markets Corp bought a new position in shares of Nextdoor during the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 35.66% of the company’s stock.

About Nextdoor

Nextdoor Holdings, Inc (NYSE: NXDR) operates Nextdoor, a private social network designed to connect neighbors and local communities. Founded by Nirav Tolia, Sarah Leary, Prakash Janakiraman and David Wiesen, the company is headquartered in San Francisco and provides an app and web platform where residents can share news, recommendations, safety information, items for sale, and local event notices. The platform is built around verified neighborhood groups and identity-confirmation processes intended to foster trust and relevant local conversations.

Nextdoor’s core products center on the consumer-facing Nextdoor app and web experience, supplemented by tools and services for local businesses, public agencies, and advertisers.