Citigroup Issues Pessimistic Forecast for Nextdoor (NYSE:NXDR) Stock Price

Nextdoor (NYSE:NXDR) had its price objective lowered by analysts at Citigroup from $2.20 to $2.10 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective would indicate a potential upside of 26.13% from the stock’s previous close.

A number of other analysts also recently weighed in on NXDR. Weiss Ratings assumed coverage on Nextdoor in a report on Thursday, January 15th. They issued a “sell (d-)” rating for the company. B. Riley Financial reissued a “neutral” rating on shares of Nextdoor in a research note on Thursday. Two equities research 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, the company has a consensus rating of “Reduce” and an average price target of $2.10.

Nextdoor Price Performance

Nextdoor stock opened at $1.67 on Friday. The company has a market capitalization of $652.86 million, a PE ratio of -11.89 and a beta of 1.18. Nextdoor has a 1 year low of $1.32 and a 1 year high of $3.72.

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

Insider Transactions at Nextdoor

In related news, General Counsel Sophia Schwartz sold 23,278 shares of the company’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $1.95, for a total transaction of $45,392.10. Following the sale, the general counsel owned 286,587 shares in the company, valued at $558,844.65. This represents a 7.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Antoinette How sold 13,935 shares of Nextdoor stock in a transaction that occurred on Friday, January 16th. The stock was 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 owned 18,270 shares of the company’s stock, valued at approximately $35,626.50. The trade was a 43.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 33.39% of the company’s stock.

Institutional Trading of Nextdoor

Several large investors have recently modified their holdings of the stock. Farther Finance Advisors LLC bought a new stake in shares of Nextdoor in the 4th quarter valued at $25,000. Geneos Wealth Management Inc. acquired a new stake in Nextdoor in the fourth quarter worth $26,000. Commonwealth Equity Services LLC bought a new stake in Nextdoor in the fourth quarter valued at $27,000. Mackenzie Financial Corp acquired a new position in shares of Nextdoor during the fourth quarter valued at about $29,000. Finally, Cibc World Markets Corp bought a new position in shares of Nextdoor during the 4th quarter worth about $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.