Nextdoor (NYSE:KIND) Trading Down 5.2% – Here’s What Happened

Nextdoor Holdings, Inc. (NYSE:KIND) dropped 5.2% during mid-day trading on Friday . The stock traded as low as $1.76 and last traded at $1.73. Approximately 456,536 shares traded hands during trading, a decline of 77% from the average daily volume of 1,999,959 shares. The stock had previously closed at $1.82.

Analyst Upgrades and Downgrades

KIND has been the subject of several analyst reports. Craig Hallum initiated coverage on shares of Nextdoor in a report on Thursday, January 30th. They set a “buy” rating and a $4.00 price target for the company. The Goldman Sachs Group cut their price target on shares of Nextdoor from $3.00 to $2.50 and set a “neutral” rating for the company in a report on Monday, March 3rd.

Nextdoor Stock Down 5.8 %

The firm’s fifty day moving average is $2.44 and its 200-day moving average is $2.46. The stock has a market capitalization of $655.38 million, a PE ratio of -5.36 and a beta of 1.14.

Nextdoor (NYSE:KIND) last issued its earnings results on Thursday, February 27th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). Nextdoor had a negative net margin of 53.23% and a negative return on equity of 19.42%. The company had revenue of $65.23 million for the quarter, compared to analyst estimates of $63.12 million. On average, analysts expect that Nextdoor Holdings, Inc. will post -0.22 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cornerstone Partners Capital Management LLC grew its position in Nextdoor by 83.9% during the fourth quarter. Cornerstone Partners Capital Management LLC now owns 586,522 shares of the company’s stock worth $1,390,000 after buying an additional 267,527 shares during the period. JPMorgan Chase & Co. grew its position in shares of Nextdoor by 62.2% in the third quarter. JPMorgan Chase & Co. now owns 725,345 shares of the company’s stock valued at $1,799,000 after purchasing an additional 278,185 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Nextdoor by 5.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,406,161 shares of the company’s stock valued at $3,487,000 after purchasing an additional 75,229 shares during the last quarter. Travelers Companies Inc. acquired a new stake in shares of Nextdoor in the third quarter valued at approximately $593,000. Finally, Barclays PLC grew its position in shares of Nextdoor by 326.2% in the third quarter. Barclays PLC now owns 267,490 shares of the company’s stock valued at $663,000 after purchasing an additional 204,729 shares during the last quarter. 35.66% of the stock is currently owned by institutional investors and hedge funds.

Nextdoor Company Profile

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.