Nextdoor (NYSE:NXDR) Shares Up 11.1% – Here’s Why

Nextdoor Holdings, Inc. (NYSE:NXDR) was up 11.1% during mid-day trading on Wednesday . The stock traded as high as $2.15 and last traded at $2.1550. Approximately 2,284,671 shares traded hands during trading, a decline of 37% from the average daily volume of 3,599,532 shares. The stock had previously closed at $1.94.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Nextdoor in a research note on Tuesday, April 14th. Wall Street Zen upgraded shares of Nextdoor from a “hold” rating to a “buy” rating in a report on Saturday. Citigroup cut their target price on shares of Nextdoor from $2.20 to $2.10 and set a “neutral” rating for the company in a research note on Friday, February 20th. The Goldman Sachs Group reissued a “neutral” rating and issued a $2.25 price target on shares of Nextdoor in a report on Thursday, May 7th. Finally, B. Riley Financial restated a “neutral” rating on shares of Nextdoor in a report on Thursday, February 19th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $2.18.

Nextdoor Stock Performance

The firm has a market capitalization of $812.29 million, a P/E ratio of -19.05 and a beta of 1.29. The firm’s 50-day moving average price is $1.55.

Nextdoor (NYSE:NXDR) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $61.67 million during the quarter. Nextdoor had a negative net margin of 16.47% and a negative return on equity of 9.22%. As a group, equities analysts forecast that Nextdoor Holdings, Inc. will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nextdoor

A number of large investors have recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Nextdoor in the 4th quarter valued at approximately $24,990,000. Amova Asset Management Americas Inc. acquired a new stake in shares of Nextdoor during the 4th quarter worth approximately $24,871,000. Ieq Capital LLC bought a new position in Nextdoor in the fourth quarter valued at approximately $19,986,000. ARK Investment Management LLC bought a new position in Nextdoor in the fourth quarter valued at approximately $16,335,000. Finally, Geode Capital Management LLC acquired a new position in Nextdoor during the fourth quarter valued at approximately $11,083,000. 35.66% of the stock is currently owned by institutional investors and hedge funds.

Nextdoor Company Profile

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.