Nextdoor (NYSE:NXDR) Rating Lowered to “Hold” at Wall Street Zen

Nextdoor (NYSE:NXDR) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday.

A number of other analysts have also weighed in on NXDR. B. Riley Financial reissued a “neutral” rating on shares of Nextdoor in a report on Thursday, February 19th. Citigroup lowered their target price on Nextdoor from $2.20 to $2.10 and set a “neutral” rating for the company in a research note on Friday, February 20th. Finally, Weiss Ratings initiated coverage on Nextdoor in a research note on Thursday, January 15th. They set a “sell (d-)” rating on the stock. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $2.10.

Nextdoor Stock Down 1.7%

NXDR opened at $1.75 on Friday. The firm has a market cap of $678.53 million, a P/E ratio of -12.50 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 issued its quarterly earnings data on Wednesday, February 18th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Nextdoor had a negative net margin of 21.04% and a negative return on equity of 11.48%. The firm had revenue of $69.48 million for the quarter.

Insiders Place Their Bets

In other Nextdoor news, CAO Antoinette How sold 13,935 shares of Nextdoor stock in a transaction on Friday, January 16th. The shares were sold at an average price of $1.95, for a total transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Sophia Schwartz sold 23,278 shares of the company’s stock in a transaction on Friday, January 16th. The shares were 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 of the company’s stock, valued at $558,844.65. The trade was a 7.51% decrease in their position. The disclosure for this sale is available in the SEC filing. 33.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nextdoor

Several hedge funds have recently added to or reduced their stakes in the stock. Savvy Advisors Inc. bought a new position in Nextdoor during the fourth quarter worth about $45,000. Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Nextdoor in the 4th quarter valued at approximately $24,990,000. Westside Investment Management Inc. acquired a new stake in shares of Nextdoor in the 4th quarter valued at approximately $55,000. Farther Finance Advisors LLC bought a new position in Nextdoor during the 4th quarter worth approximately $25,000. Finally, CWM LLC acquired a new position in Nextdoor during the fourth quarter valued at approximately $272,000. 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.