Nextdoor (NYSE:KIND) Trading 13.1% Higher on Analyst Upgrade

Nextdoor Holdings, Inc. (NYSE:KIND) rose 13.1% during mid-day trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $2.50 to $3.00. The Goldman Sachs Group currently has a neutral rating on the stock. Nextdoor traded as high as $2.93 and last traded at $2.93. Approximately 1,847,883 shares were traded during trading, an increase of 20% from the average daily volume of 1,540,043 shares. The stock had previously closed at $2.59.

Separately, Morgan Stanley boosted their price target on shares of Nextdoor from $2.20 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd.

Insider Activity at Nextdoor

In related news, General Counsel Sophia Schwartz sold 17,529 shares of Nextdoor stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $2.58, for a total value of $45,224.82. Following the completion of the transaction, the general counsel now directly owns 304,666 shares of the company’s stock, valued at $786,038.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 46.04% of the company’s stock.

Institutional Trading of Nextdoor

A number of hedge funds and other institutional investors have recently modified their holdings of KIND. XTX Topco Ltd acquired a new stake in Nextdoor in the second quarter worth about $28,000. Ground Swell Capital LLC bought a new position in shares of Nextdoor in the 2nd quarter valued at about $30,000. Xponance Inc. acquired a new stake in shares of Nextdoor during the 2nd quarter worth approximately $31,000. Creative Planning bought a new stake in shares of Nextdoor during the third quarter worth approximately $28,000. Finally, nVerses Capital LLC acquired a new position in Nextdoor in the second quarter valued at approximately $49,000. Institutional investors and hedge funds own 35.66% of the company’s stock.

Nextdoor Stock Down 9.0 %

The business’s 50 day simple moving average is $2.44 and its 200-day simple moving average is $2.49.

Nextdoor (NYSE:KIND) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The business had revenue of $63.29 million for the quarter, compared to analyst estimates of $58.80 million. Nextdoor had a negative return on equity of 18.79% and a negative net margin of 53.23%. On average, equities research analysts predict that Nextdoor Holdings, Inc. will post -0.23 EPS for the current year.

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.