Nextdoor (NYSE:KIND) Lowered to "Underweight" Rating by Morgan Stanley

Nextdoor (NYSE:KIND - Get Free Report) was downgraded by investment analysts at Morgan Stanley from an "equal weight" rating to an "underweight" rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $1.10 price objective on the stock. Morgan Stanley's price target would suggest a potential downside of 24.40% from the company's current price.

Other equities research analysts also recently issued research reports about the company. Craig Hallum assumed coverage on Nextdoor in a report on Thursday, January 30th. They set a "buy" rating and a $4.00 price target for the company. The Goldman Sachs Group decreased their price target on shares of Nextdoor from $2.50 to $1.75 and set a "neutral" rating on the stock in a research note on Monday, April 14th.

Nextdoor Stock Up 1.0%

Shares of KIND stock traded up $0.02 on Tuesday, reaching $1.46. The stock had a trading volume of 1,609,718 shares, compared to its average volume of 1,822,280. Nextdoor has a 12 month low of $1.32 and a 12 month high of $3.00. The firm has a market capitalization of $562.07 million, a price-to-earnings ratio of -4.55 and a beta of 1.16. The firm's 50-day moving average is $1.52 and its two-hundred day moving average is $2.13.

Nextdoor (NYSE:KIND - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. Nextdoor had a negative return on equity of 19.42% and a negative net margin of 53.23%. The firm had revenue of $54.18 million for the quarter, compared to analyst estimates of $53.14 million. On average, sell-side analysts forecast that Nextdoor will post -0.22 earnings per share for the current fiscal year.

Insider Activity at Nextdoor

In other news, General Counsel Sophia Schwartz sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $1.72, for a total transaction of $25,800.00. Following the transaction, the general counsel now directly owns 267,445 shares of the company's stock, valued at approximately $460,005.40. This trade represents a 5.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 46.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nextdoor

A number of large investors have recently added to or reduced their stakes in KIND. Renaissance Technologies LLC raised its holdings in Nextdoor by 98.2% in the 4th quarter. Renaissance Technologies LLC now owns 3,967,200 shares of the company's stock valued at $9,402,000 after acquiring an additional 1,965,300 shares in the last quarter. Millennium Management LLC increased its holdings in Nextdoor by 177.6% in the 4th quarter. Millennium Management LLC now owns 2,999,267 shares of the company's stock valued at $7,108,000 after buying an additional 1,918,884 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Nextdoor by 115.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,696,339 shares of the company's stock valued at $6,390,000 after buying an additional 1,444,343 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in shares of Nextdoor by 193.0% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,082,482 shares of the company's stock worth $4,935,000 after acquiring an additional 1,371,705 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Nextdoor by 208.4% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,732,290 shares of the company's stock worth $2,650,000 after acquiring an additional 1,170,606 shares in the last quarter. Institutional investors and hedge funds own 35.66% of the company's stock.

Nextdoor Company 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.