Nextdoor (NYSE:NXDR) Given New $2.65 Price Target at Citigroup

Nextdoor (NYSE:NXDR) had its target price lowered by stock analysts at Citigroup from $2.85 to $2.65 in a report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup‘s price target suggests a potential upside of 35.20% from the stock’s previous close.

Several other equities research analysts have also issued reports on NXDR. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nextdoor in a research report on Tuesday, October 6th. B. Riley Financial raised shares of Nextdoor from a “neutral” rating to a “buy” rating and increased their price target for the stock from $2.00 to $3.30 in a report on Thursday, August 6th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2.73.

Nextdoor Trading Down 7.5%

Shares of NYSE NXDR traded down $0.16 during midday trading on Friday, hitting $1.96. 2,672,286 shares of the company’s stock were exchanged, compared to its average volume of 2,912,738. Nextdoor has a 12-month low of $1.33 and a 12-month high of $3.72. The company has a market cap of $758.22 million, a price-to-earnings ratio of -24.50 and a beta of 1.45. The business’s fifty day moving average price is $2.41 and its two-hundred day moving average price is $2.06.

Nextdoor (NYSE:NXDR) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01. The company had revenue of $74.55 million for the quarter, compared to analysts’ expectations of $72.10 million. Nextdoor had a negative net margin of 11.08% and a negative return on equity of 6.16%. Equities analysts expect that Nextdoor will post -0.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nextdoor news, CAO Antoinette How sold 20,705 shares of Nextdoor stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $2.49, for a total transaction of $51,555.45. Following the completion of the sale, the chief accounting officer owned 7,347 shares of the company’s stock, valued at $18,294.03. The trade was a 73.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sophia Schwartz sold 48,120 shares of the company’s stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $2.51, for a total value of $120,781.20. Following the completion of the transaction, the insider owned 360,324 shares of the company’s stock, valued at $904,413.24. The trade was a 11.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 410,099 shares of company stock valued at $1,017,360 over the last 90 days. Insiders own 33.46% of the company’s stock.

Institutional Trading of Nextdoor

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its stake in Nextdoor by 3.9% in the third quarter. Russell Investments Group Ltd. now owns 681,216 shares of the company’s stock worth $1,661,000 after buying an additional 25,610 shares in the last quarter. R Squared Ltd grew its position in Nextdoor by 23.4% during the third quarter. R Squared Ltd now owns 64,892 shares of the company’s stock valued at $158,000 after acquiring an additional 12,297 shares during the last quarter. Lido Advisors LLC purchased a new position in shares of Nextdoor during the third quarter worth approximately $63,000. Allspring Global Investments Holdings LLC raised its stake in shares of Nextdoor by 93.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,366,517 shares of the company’s stock worth $3,389,000 after acquiring an additional 658,535 shares in the last quarter. Finally, CenterBook Partners LP purchased a new position in shares of Nextdoor during the third quarter worth approximately $180,000. Hedge funds and other institutional investors own 35.66% of the company’s stock.

About Nextdoor

Nextdoor Holdings, Inc operates Nextdoor, a social networking platform designed to connect people with others in their local communities. The platform enables verified neighbors to share recommendations, local news, safety information, event announcements, alerts, and other community updates.

In addition to its consumer platform, Nextdoor provides tools for local businesses, public agencies, nonprofit organizations, and other community organizations. These users can create business or agency pages, communicate with nearby residents, promote products and services, and distribute relevant information.