ARK Investment Management LLC Lowers Stock Position in Nextdoor Holdings, Inc. (NYSE:KIND)

ARK Investment Management LLC reduced its stake in shares of Nextdoor Holdings, Inc. (NYSE:KIND) by 1.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,815,066 shares of the company’s stock after selling 83,795 shares during the period. ARK Investment Management LLC’s holdings in Nextdoor were worth $16,152,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in KIND. Potrero Capital Research LLC lifted its holdings in Nextdoor by 29.4% in the 3rd quarter. Potrero Capital Research LLC now owns 2,897,238 shares of the company’s stock worth $7,185,000 after purchasing an additional 657,492 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Nextdoor by 62.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 725,345 shares of the company’s stock worth $1,799,000 after purchasing an additional 278,185 shares in the last quarter. Cornerstone Partners Capital Management LLC lifted its holdings in Nextdoor by 83.9% in the 4th quarter. Cornerstone Partners Capital Management LLC now owns 586,522 shares of the company’s stock worth $1,390,000 after purchasing an additional 267,527 shares in the last quarter. Travelers Companies Inc. purchased a new position in Nextdoor in the 3rd quarter worth approximately $593,000. Finally, Geode Capital Management LLC lifted its holdings in Nextdoor by 5.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,042,728 shares of the company’s stock worth $10,028,000 after purchasing an additional 205,015 shares in the last quarter. 35.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KIND has been the topic of a number of research analyst reports. Craig Hallum assumed coverage on Nextdoor in a report on Thursday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock. The Goldman Sachs Group lifted their price objective on Nextdoor from $2.50 to $3.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th.

Nextdoor Price Performance

NYSE:KIND opened at $2.53 on Wednesday. Nextdoor Holdings, Inc. has a 1 year low of $1.91 and a 1 year high of $2.99. The stock’s 50 day simple moving average is $2.52 and its two-hundred day simple moving average is $2.49. The company has a market cap of $964.91 million, a price-to-earnings ratio of -7.89 and a beta of 1.07.

Insiders Place Their Bets

In other news, General Counsel Sophia Schwartz sold 16,834 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $2.45, for a total transaction of $41,243.30. Following the transaction, the general counsel now owns 215,536 shares of the company’s stock, valued at approximately $528,063.20. The trade was a 7.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 46.04% of the company’s stock.

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.