Sumitomo Mitsui Trust Group Inc. Has $13.01 Million Stake in Nextdoor Holdings, Inc. (NYSE:KIND)

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Nextdoor Holdings, Inc. (NYSE:KIND - Free Report) by 4.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,500,546 shares of the company's stock after selling 407,294 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 2.20% of Nextdoor worth $13,006,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of KIND. Northern Trust Corp grew its holdings in 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 purchasing an additional 186,602 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Nextdoor by 16.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,633,369 shares of the company's stock worth $3,871,000 after buying an additional 227,208 shares during the period. Two Sigma Investments LP boosted its holdings in shares of Nextdoor by 88.7% during the 4th quarter. Two Sigma Investments LP now owns 1,139,984 shares of the company's stock worth $2,702,000 after buying an additional 535,845 shares during the period. Wexford Capital LP bought a new position in Nextdoor in the 4th quarter worth $474,000. Finally, JPMorgan Chase & Co. lifted its position in Nextdoor by 72.7% during the 4th quarter. JPMorgan Chase & Co. now owns 1,252,571 shares of the company's stock worth $2,969,000 after acquiring an additional 527,226 shares during the last quarter. Institutional investors own 35.66% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. The Goldman Sachs Group cut their price objective on Nextdoor from $2.50 to $1.75 and set a "neutral" rating for the company in a research report on Monday, April 14th. Morgan Stanley lowered Nextdoor from an "equal weight" rating to an "underweight" rating and set a $1.10 price target for the company. in a report on Tuesday, May 13th. Finally, B. Riley initiated coverage on Nextdoor in a research report on Wednesday, June 25th. They issued a "neutral" rating and a $2.00 price objective for the company.

Nextdoor Stock Up 1.9%

NYSE:KIND traded up $0.03 on Friday, reaching $1.62. The stock had a trading volume of 527,603 shares, compared to its average volume of 1,796,086. The company has a market capitalization of $619.79 million, a P/E ratio of -6.75 and a beta of 1.19. Nextdoor Holdings, Inc. has a 1-year low of $1.32 and a 1-year high of $3.00. The stock has a fifty day moving average price of $1.53 and a 200-day moving average price of $1.90.

Nextdoor (NYSE:KIND - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate 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 business had revenue of $54.18 million for the quarter, compared to the consensus estimate of $53.14 million. Sell-side analysts predict that Nextdoor Holdings, Inc. will post -0.22 earnings per share for the current fiscal 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.