Short Interest in Nextdoor Holdings, Inc. (NYSE:KIND) Declines By 7.4%

Nextdoor Holdings, Inc. (NYSE:KIND) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 4,750,000 shares, a drop of 7.4% from the July 15th total of 5,130,000 shares. Based on an average daily volume of 1,880,000 shares, the short-interest ratio is presently 2.5 days. Currently, 2.9% of the shares of the stock are sold short.

Nextdoor Trading Up 1.2 %

KIND stock opened at $2.50 on Tuesday. The firm has a 50-day moving average of $2.65 and a two-hundred day moving average of $2.32. Nextdoor has a 12 month low of $1.32 and a 12 month high of $2.99. The company has a market cap of $975.71 million, a price-to-earnings ratio of -6.94 and a beta of 1.10.

Institutional Investors Weigh In On Nextdoor

Several hedge funds and other institutional investors have recently made changes to their positions in KIND. XTX Topco Ltd acquired a new position in Nextdoor during the second quarter worth $28,000. Ground Swell Capital LLC acquired a new position in shares of Nextdoor during the 2nd quarter valued at about $30,000. Xponance Inc. purchased a new stake in shares of Nextdoor in the second quarter valued at about $31,000. Westside Investment Management Inc. increased its position in Nextdoor by 294.3% during the first quarter. Westside Investment Management Inc. now owns 15,408 shares of the company’s stock worth $35,000 after purchasing an additional 11,500 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in Nextdoor during the second quarter worth about $49,000. Institutional investors and hedge funds own 35.66% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on KIND shares. The Goldman Sachs Group lifted their target price on shares of Nextdoor from $2.25 to $2.50 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Morgan Stanley boosted their price objective on Nextdoor from $2.20 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd.

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.