Nextdoor Holdings, Inc. (NYSE:KIND) Shares Sold by ARK Investment Management LLC

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

A number of other hedge funds also recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its position in shares of Nextdoor by 77.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,372 shares of the company's stock valued at $25,000 after buying an additional 4,514 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Nextdoor in the 4th quarter worth approximately $27,000. Two Sigma Securities LLC purchased a new stake in Nextdoor in the 4th quarter worth approximately $34,000. Cibc World Markets Corp purchased a new stake in Nextdoor in the 4th quarter worth approximately $38,000. Finally, Virtu Financial LLC purchased a new stake in Nextdoor in the 4th quarter worth approximately $41,000. 35.66% of the stock is owned by hedge funds and other institutional investors.

Nextdoor Stock Performance

NYSE KIND traded down $0.06 on Wednesday, reaching $1.82. The stock had a trading volume of 2,624,794 shares, compared to its average volume of 1,839,480. Nextdoor Holdings, Inc. has a 12-month low of $1.32 and a 12-month high of $3.00. The business's 50-day moving average price is $1.65 and its 200 day moving average price is $1.83. The stock has a market cap of $696.31 million, a P/E ratio of -7.58 and a beta of 1.19.

Nextdoor (NYSE:KIND - Get Free Report) last issued 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. Nextdoor had a negative return on equity of 15.75% and a negative net margin of 36.95%. The company had revenue of $54.18 million during the quarter, compared to analysts' expectations of $53.14 million. On average, sell-side analysts predict that Nextdoor Holdings, Inc. will post -0.22 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.