Nextdoor (NYSE:KIND) Shares Down 9.5% – Time to Sell?

Nextdoor Holdings, Inc. (NYSE:KIND)’s stock price fell 9.5% during trading on Friday . The company traded as low as $2.48 and last traded at $2.57. 971,411 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 1,547,266 shares. The stock had previously closed at $2.84.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Morgan Stanley upped their price objective on Nextdoor from $2.20 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group upped their price target on Nextdoor from $2.50 to $3.00 and gave the company a “neutral” rating in a research report on Thursday.

Nextdoor Price Performance

The firm’s 50 day moving average price is $2.44 and its two-hundred day moving average price is $2.49. The stock has a market cap of $987.77 million, a PE ratio of -8.13 and a beta of 1.08.

Nextdoor (NYSE:KIND) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $63.29 million during the quarter, compared to analyst estimates of $58.80 million. Nextdoor had a negative net margin of 53.23% and a negative return on equity of 18.79%. Analysts anticipate that Nextdoor Holdings, Inc. will post -0.23 earnings per share for the current year.

Insider Transactions at Nextdoor

In other Nextdoor news, General Counsel Sophia Schwartz sold 17,529 shares of Nextdoor stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $2.58, for a total transaction of $45,224.82. Following the completion of the transaction, the general counsel now owns 304,666 shares of the company’s stock, valued at $786,038.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 46.04% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Nextdoor by 18.5% in the first quarter. Vanguard Group Inc. now owns 16,196,377 shares of the company’s stock worth $36,442,000 after buying an additional 2,529,694 shares in the last quarter. Renaissance Technologies LLC increased its stake in Nextdoor by 12.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,814,300 shares of the company’s stock worth $5,044,000 after acquiring an additional 200,500 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Nextdoor in the 2nd quarter valued at about $4,327,000. Millennium Management LLC boosted its position in shares of Nextdoor by 59.7% during the 2nd quarter. Millennium Management LLC now owns 1,406,953 shares of the company’s stock valued at $3,911,000 after acquiring an additional 526,108 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Nextdoor by 172.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,218,808 shares of the company’s stock worth $3,388,000 after purchasing an additional 770,858 shares in the last quarter. 35.66% of the stock is currently owned by hedge funds and other institutional investors.

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.