Nextdoor Holdings, Inc. (NYSE:KIND) Shares Sold by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. reduced its holdings in Nextdoor Holdings, Inc. by 4.6%, now owning 8,500,546 shares worth approximately $13 million.
• Nextdoor reported a quarterly revenue of $54.18 million, slightly beating analyst expectations, despite posting a negative earnings per share of ($0.06).
• Wall Street analysts have set varying target prices for Nextdoor, with Goldman Sachs lowering its target from $2.50 to $1.75, reflecting a cautious outlook on the stock's performance.

Nikko Asset Management Americas Inc. trimmed its holdings in Nextdoor Holdings, Inc. (NYSE:KIND - Free Report) by 4.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,500,546 shares of the company's stock after selling 407,294 shares during the period. Nikko Asset Management Americas Inc. owned about 2.20% of Nextdoor worth $13,006,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Tower Research Capital LLC TRC raised its position in 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 purchasing an additional 4,514 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Nextdoor during the fourth quarter valued at approximately $27,000. Two Sigma Securities LLC purchased a new stake in shares of Nextdoor in the fourth quarter worth approximately $34,000. Cibc World Markets Corp bought a new stake in shares of Nextdoor during the 4th quarter worth approximately $38,000. Finally, Virtu Financial LLC bought a new stake in shares of Nextdoor during the 4th quarter worth approximately $41,000. 35.66% of the stock is currently owned by hedge funds and other institutional investors.

Nextdoor Stock Performance

Shares of Nextdoor stock remained flat at $1.88 during trading on Monday. The stock had a trading volume of 1,651,870 shares, compared to its average volume of 1,839,480. The stock has a market capitalization of $719.27 million, a P/E ratio of -7.83 and a beta of 1.19. Nextdoor Holdings, Inc. has a 52-week low of $1.32 and a 52-week high of $3.00. The company has a fifty day moving average price of $1.64 and a 200-day moving average price of $1.83.

Nextdoor (NYSE:KIND - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.06) earnings per share for the quarter, topping 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 return on equity of 15.75% and a negative net margin of 36.95%. As a group, equities analysts predict that Nextdoor Holdings, Inc. will post -0.22 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on the company. Morgan Stanley downgraded Nextdoor from an "equal weight" rating to an "underweight" rating and set a $1.10 price objective on the stock. in a report on Tuesday, May 13th. The Goldman Sachs Group reduced their price objective 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 started coverage on Nextdoor in a research report on Wednesday, June 25th. They set a "neutral" rating and a $2.00 target price on the stock.

Nextdoor 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.