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

Key Points

• ARK Investment Management LLC reduced its stake in Nextdoor Holdings, Inc. by 5.2%, owning 6,459,014 shares valued at approximately $9.88 million as of the end of the first quarter.
• Several institutional investors made significant movements in Nextdoor stock, with Wealth Enhancement Advisory Services LLC increasing its stake by 123.4% during the same quarter.
• Nextdoor recently reported earnings surpassing analysts' expectations, with revenues of $54.18 million, but continues to face challenges with a negative net margin of 36.95%.

ARK Investment Management LLC cut its position in shares of Nextdoor Holdings, Inc. (NYSE:KIND - Free Report) by 5.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,459,014 shares of the company's stock after selling 356,052 shares during the period. ARK Investment Management LLC owned approximately 1.67% of Nextdoor worth $9,882,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its stake in Nextdoor by 123.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,803 shares of the company's stock worth $39,000 after purchasing an additional 14,251 shares during the period. Northern Trust Corp increased its position in shares of Nextdoor by 12.9% during the fourth quarter. Northern Trust Corp now owns 1,638,341 shares of the company's stock valued at $3,883,000 after acquiring an additional 186,602 shares during the last quarter. Two Sigma Investments LP increased its position in shares of Nextdoor by 88.7% during the fourth quarter. Two Sigma Investments LP now owns 1,139,984 shares of the company's stock valued at $2,702,000 after acquiring an additional 535,845 shares during the last quarter. Wexford Capital LP acquired a new stake in shares of Nextdoor during the fourth quarter valued at about $474,000. Finally, JPMorgan Chase & Co. increased its position in shares of Nextdoor by 72.7% during the fourth quarter. JPMorgan Chase & Co. now owns 1,252,571 shares of the company's stock valued at $2,969,000 after acquiring an additional 527,226 shares during the last quarter. 35.66% of the stock is owned by hedge funds and other institutional investors.

Nextdoor Price Performance

Shares of KIND opened at $1.88 on Friday. The stock has a market cap of $719.27 million, a PE ratio of -7.83 and a beta of 1.19. The firm has a 50-day simple moving average of $1.64 and a two-hundred day simple moving average of $1.84. Nextdoor Holdings, Inc. has a 1-year low of $1.32 and a 1-year high of $3.00.

Nextdoor (NYSE:KIND - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The firm had revenue of $54.18 million during the quarter, compared to analysts' expectations of $53.14 million. Nextdoor had a negative net margin of 36.95% and a negative return on equity of 15.75%. As a group, sell-side analysts expect that Nextdoor Holdings, Inc. will post -0.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on KIND. The Goldman Sachs Group dropped their price target on shares of Nextdoor from $2.50 to $1.75 and set a "neutral" rating for the company in a research report on Monday, April 14th. B. Riley began coverage on shares of Nextdoor in a research report on Wednesday, June 25th. They set a "neutral" rating and a $2.00 price target for the company. Finally, Morgan Stanley cut shares of Nextdoor from an "equal weight" rating to an "underweight" rating and set a $1.10 price target for the company. in a research report on Tuesday, May 13th.

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.

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