Arrowstreet Capital Limited Partnership Has $3.79 Million Stock Holdings in Nextdoor Holdings, Inc. $NXDR

Key Points

• Arrowstreet Capital increased its Nextdoor stake by 24.4% in the first quarter, adding 530,913 shares to hold 2.71 million shares worth approximately $3.79 million. Institutional investors collectively own 35.66% of NXDR.
• Nextdoor’s analyst outlook remains cautious: the consensus rating is “Reduce” with a $2.17 price target, while ratings include three Holds and one Sell. Goldman Sachs maintained a Neutral rating with a $2.25 target.
• NXDR opened at $2.27 and trades near its 50-day average of $2.23, with a 52-week range of $1.33 to $3.72. The company recently reported a quarterly loss of $0.03 per share on $61.67 million in revenue, though it beat the consensus loss estimate.

Arrowstreet Capital Limited Partnership boosted its position in Nextdoor Holdings, Inc. (NYSE:NXDR - Free Report) by 24.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,707,745 shares of the company's stock after acquiring an additional 530,913 shares during the period. Arrowstreet Capital Limited Partnership owned 0.70% of Nextdoor worth $3,791,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC acquired a new position in shares of Nextdoor during the 4th quarter worth about $25,000. Geneos Wealth Management Inc. acquired a new stake in shares of Nextdoor in the 4th quarter valued at approximately $26,000. Commonwealth Equity Services LLC acquired a new stake in shares of Nextdoor in the 4th quarter valued at approximately $27,000. Mackenzie Financial Corp bought a new position in Nextdoor during the 4th quarter worth approximately $29,000. Finally, Cibc World Markets Corp bought a new position in Nextdoor during the 4th quarter worth approximately $30,000. 35.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Nextdoor

In related news, General Counsel Sophia Schwartz sold 28,616 shares of the business's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $2.25, for a total value of $64,386.00. Following the sale, the general counsel directly owned 307,757 shares of the company's stock, valued at approximately $692,453.25. The trade was a 8.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.46% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on NXDR. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nextdoor in a research note on Friday, July 10th. Wall Street Zen raised shares of Nextdoor from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $2.25 price target on shares of Nextdoor in a report on Thursday, May 7th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $2.17.

Nextdoor Price Performance

Shares of NXDR opened at $2.27 on Tuesday. The company has a 50 day simple moving average of $2.23. Nextdoor Holdings, Inc. has a 52-week low of $1.33 and a 52-week high of $3.72. The firm has a market cap of $863.85 million, a price-to-earnings ratio of -20.59 and a beta of 1.36.

Nextdoor (NYSE:NXDR - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. The firm had revenue of $61.67 million for the quarter. Nextdoor had a negative net margin of 16.47% and a negative return on equity of 9.22%. As a group, research analysts anticipate that Nextdoor Holdings, Inc. will post -0.09 EPS for the current fiscal year.

About Nextdoor

Nextdoor Holdings, Inc NYSE: NXDR operates Nextdoor, a private social network designed to connect neighbors and local communities. Founded by Nirav Tolia, Sarah Leary, Prakash Janakiraman and David Wiesen, the company is headquartered in San Francisco and provides an app and web platform where residents can share news, recommendations, safety information, items for sale, and local event notices. The platform is built around verified neighborhood groups and identity-confirmation processes intended to foster trust and relevant local conversations.

Nextdoor’s core products center on the consumer-facing Nextdoor app and web experience, supplemented by tools and services for local businesses, public agencies, and advertisers.

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