Nextdoor (NYSE:KIND) Trading Down 4% on Analyst Downgrade

Nextdoor Holdings, Inc. (NYSE:KIND - Get Free Report) shares dropped 4% during trading on Monday after The Goldman Sachs Group lowered their price target on the stock from $2.50 to $1.75. The Goldman Sachs Group currently has a neutral rating on the stock. Nextdoor traded as low as $1.42 and last traded at $1.43. Approximately 503,812 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 1,759,165 shares. The stock had previously closed at $1.49.

Separately, Craig Hallum assumed coverage on shares of Nextdoor in a research note on Thursday, January 30th. They set a "buy" rating and a $4.00 price objective on the stock.

Insider Transactions 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 completion of the sale, the general counsel now 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. 46.04% of the stock is owned by insiders.

Institutional Investors Weigh In On Nextdoor

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its stake in shares of Nextdoor by 16.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,633,369 shares of the company's stock valued at $3,871,000 after buying an additional 227,208 shares in the last quarter. Cornerstone Partners Capital Management LLC raised its stake in shares of Nextdoor by 83.9% in the fourth quarter. Cornerstone Partners Capital Management LLC now owns 586,522 shares of the company's stock worth $1,390,000 after acquiring an additional 267,527 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Nextdoor by 62.2% in the third quarter. JPMorgan Chase & Co. now owns 725,345 shares of the company's stock worth $1,799,000 after acquiring an additional 278,185 shares during the last quarter. Cannell Capital LLC lifted its position in shares of Nextdoor by 8.4% during the fourth quarter. Cannell Capital LLC now owns 6,733,574 shares of the company's stock worth $15,959,000 after purchasing an additional 524,342 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Nextdoor by 326.2% during the third quarter. Barclays PLC now owns 267,490 shares of the company's stock valued at $663,000 after purchasing an additional 204,729 shares during the last quarter. 35.66% of the stock is owned by institutional investors and hedge funds.

Nextdoor Stock Performance

The firm's 50-day moving average is $1.85 and its two-hundred day moving average is $2.27. The stock has a market cap of $581.38 million, a P/E ratio of -4.70 and a beta of 1.16.

Nextdoor (NYSE:KIND - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $65.23 million for the quarter, compared to analysts' expectations of $63.12 million. Nextdoor had a negative return on equity of 19.42% and a negative net margin of 53.23%. As a group, research analysts forecast that Nextdoor Holdings, Inc. will post -0.22 EPS for the current year.

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.