Nextdoor (NYSE:KIND) Shares Gap Up - Here's What Happened

Nextdoor Holdings, Inc. (NYSE:KIND - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $1.52, but opened at $1.60. Nextdoor shares last traded at $1.56, with a volume of 73,914 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on KIND shares. Morgan Stanley downgraded Nextdoor from an "equal weight" rating to an "underweight" rating and set a $1.10 target price for the company. in a research note 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 for the company in a research report on Monday, April 14th.

Nextdoor Trading Down 0.3%

The firm's 50-day moving average price is $1.51 and its 200 day moving average price is $1.97.

Nextdoor (NYSE:KIND - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. Nextdoor had a negative net margin of 36.95% and a negative return on equity of 15.75%. The firm had revenue of $54.18 million during the quarter, compared to analyst estimates of $53.14 million. On average, research analysts expect that Nextdoor Holdings, Inc. will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Nextdoor

Hedge funds and other institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC raised its stake in Nextdoor by 103.5% during the 1st quarter. Acadian Asset Management LLC now owns 4,770,086 shares of the company's stock valued at $7,288,000 after acquiring an additional 2,426,228 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Nextdoor by 98.2% during the fourth quarter. Renaissance Technologies LLC now owns 3,967,200 shares of the company's stock valued at $9,402,000 after purchasing an additional 1,965,300 shares during the period. Millennium Management LLC raised its stake in shares of Nextdoor by 177.6% during the fourth quarter. Millennium Management LLC now owns 2,999,267 shares of the company's stock valued at $7,108,000 after purchasing an additional 1,918,884 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Nextdoor by 115.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,696,339 shares of the company's stock valued at $6,390,000 after purchasing an additional 1,444,343 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its holdings in Nextdoor by 193.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,082,482 shares of the company's stock worth $4,935,000 after purchasing an additional 1,371,705 shares during the period. 35.66% of the stock is currently owned by institutional investors and hedge funds.

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.