Nextdoor (NYSE:NXDR) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Nextdoor (NYSE:NXDR) issued its quarterly earnings results on Tuesday. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01, Zacks reports. Nextdoor had a negative net margin of 16.47% and a negative return on equity of 9.22%.

Nextdoor Stock Performance

Shares of Nextdoor stock traded up $0.04 during trading on Tuesday, hitting $2.31. 2,617,183 shares of the stock traded hands, compared to its average volume of 3,290,267. The company has a market capitalization of $879.10 million, a PE ratio of -20.95 and a beta of 1.36. The business has a fifty day simple moving average of $2.23. Nextdoor has a 52 week low of $1.33 and a 52 week high of $3.72.

Analyst Upgrades and Downgrades

NXDR has been the subject of several research analyst reports. Wall Street Zen raised shares of Nextdoor from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. The Goldman Sachs Group restated a “neutral” rating and issued a $2.25 target price on shares of Nextdoor in a report on Thursday, May 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nextdoor in a report on Friday, July 10th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $2.17.

Insiders Place Their Bets

In other Nextdoor news, General Counsel Sophia Schwartz sold 28,616 shares of Nextdoor stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $2.25, for a total value of $64,386.00. Following the transaction, the general counsel directly owned 307,757 shares of the company’s stock, valued at $692,453.25. The trade was a 8.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nextdoor

Several institutional investors have recently added to or reduced their stakes in NXDR. Virtu Financial LLC purchased a new position in shares of Nextdoor in the fourth quarter valued at about $512,000. Invesco Ltd. purchased a new stake in shares of Nextdoor during the fourth quarter worth about $850,000. Corient Private Wealth LLC bought a new stake in shares of Nextdoor in the fourth quarter worth about $738,000. Creek Drive Management Group LLC purchased a new position in Nextdoor during the 4th quarter valued at about $2,625,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in Nextdoor during the 4th quarter valued at approximately $61,000. Hedge funds and other institutional investors 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.