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

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

A number of other equities research analysts have also commented on KIND. The Goldman Sachs Group reduced their price objective 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. Craig Hallum began coverage on shares of Nextdoor in a research note on Thursday, January 30th. They issued a "buy" rating and a $4.00 price objective on the stock.

Nextdoor Trading Up 1.0%

KIND traded up $0.02 during trading on Tuesday, reaching $1.46. 1,609,718 shares of the company's stock were exchanged, compared to its average volume of 1,820,423. Nextdoor has a one year low of $1.32 and a one year high of $3.00. The stock has a market capitalization of $562.07 million, a PE ratio of -4.55 and a beta of 1.16. The firm has a fifty day moving average price of $1.52 and a two-hundred day moving average price of $2.13.

Nextdoor (NYSE:KIND - Get Free Report) last posted its earnings results 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. Nextdoor had a negative net margin of 53.23% and a negative return on equity of 19.42%. The firm had revenue of $54.18 million for the quarter, compared to analyst estimates of $53.14 million. Sell-side analysts expect that Nextdoor will post -0.22 earnings per share for the current year.

Insider Activity

In related news, General Counsel Sophia Schwartz sold 15,000 shares of the business's stock in a transaction 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 owns 267,445 shares in the company, valued at $460,005.40. The trade was a 5.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 46.04% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd acquired a new position in shares of Nextdoor during the 1st quarter valued at $211,000. Jacobs Levy Equity Management Inc. lifted 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 valued at $2,650,000 after acquiring an additional 1,170,606 shares during the period. AQR Capital Management LLC lifted its position in shares of Nextdoor by 156.0% during the 1st quarter. AQR Capital Management LLC now owns 1,161,522 shares of the company's stock valued at $1,777,000 after acquiring an additional 707,863 shares during the period. Amundi lifted its position in shares of Nextdoor by 75.0% during the 1st quarter. Amundi now owns 174,564 shares of the company's stock valued at $251,000 after acquiring an additional 74,829 shares during the period. Finally, Ieq Capital LLC lifted its position in shares of Nextdoor by 211.8% during the 1st quarter. Ieq Capital LLC now owns 100,774 shares of the company's stock valued at $154,000 after acquiring an additional 68,452 shares during the period. Institutional investors and hedge funds own 35.66% of the company's stock.

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.