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. lessened its stake in shares of Nextdoor Holdings, Inc. (NYSE:KIND - Free Report) by 4.6% in the 1st quarter, according to its most recent disclosure with the SEC. 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 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Nextdoor during the 1st quarter worth about $212,000. Allianz Asset Management GmbH boosted its stake in shares of Nextdoor by 205.8% during the first quarter. Allianz Asset Management GmbH now owns 90,200 shares of the company's stock valued at $138,000 after purchasing an additional 60,700 shares in the last quarter. CWM LLC boosted its stake in shares of Nextdoor by 108.7% during the first quarter. CWM LLC now owns 53,173 shares of the company's stock valued at $81,000 after purchasing an additional 27,689 shares in the last quarter. Arizona State Retirement System increased its holdings in Nextdoor by 13.9% during the first quarter. Arizona State Retirement System now owns 55,626 shares of the company's stock valued at $85,000 after buying an additional 6,793 shares during the period. Finally, Cerity Partners LLC bought a new position in Nextdoor in the first quarter worth approximately $45,000. Hedge funds and other institutional investors own 35.66% of the company's stock.

Nextdoor Stock Performance

KIND stock traded down $0.06 on Wednesday, hitting $1.82. 2,624,794 shares of the company's stock were exchanged, 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 firm has a 50 day moving average price of $1.65 and a two-hundred day moving average price of $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 announced its earnings results on Wednesday, May 7th. The company reported ($0.06) earnings per share 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 firm had revenue of $54.18 million for the quarter, compared to the consensus estimate of $53.14 million. Sell-side analysts expect that Nextdoor Holdings, Inc. will post -0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on KIND. B. Riley began coverage on Nextdoor in a report on Wednesday, June 25th. They issued a "neutral" rating and a $2.00 price target on the stock. The Goldman Sachs Group cut 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, Morgan Stanley downgraded Nextdoor from an "equal weight" rating to an "underweight" rating and set a $1.10 price target on the stock. in a report on Tuesday, May 13th.

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.