Nextdoor (NYSE:KIND) Trading Up 0.7% - Here's Why

Key Points

• Shares rose 0.7% to $1.41 in mid-day trading with 1,353,947 shares changing hands, about 26% below the average session volume.
• Nextdoor has a market capitalization of $539.45 million and a negative P/E of -5.88, and its stock is trading below the 50‑day ($1.64) and 200‑day ($1.87) moving averages.
• Institutional investors increased positions recently (notably Amova, Sumitomo Mitsui Trust and Nikko), and institutions now own about 35.66% of the stock.

Shares of Nextdoor Holdings, Inc. (NYSE:KIND - Get Free Report) shot up 0.7% during mid-day trading on Monday . The stock traded as high as $1.41 and last traded at $1.41. 1,353,947 shares were traded during mid-day trading, a decline of 26% from the average session volume of 1,839,480 shares. The stock had previously closed at $1.40.

Nextdoor Price Performance

The company has a market capitalization of $539.45 million, a P/E ratio of -5.88 and a beta of 1.19. The firm has a fifty day moving average price of $1.64 and a 200-day moving average price of $1.87.

Hedge Funds Weigh In On Nextdoor

Several institutional investors have recently modified their holdings of KIND. Amova Asset Management Americas Inc. grew its holdings in shares of Nextdoor by 25.4% in the third quarter. Amova Asset Management Americas Inc. now owns 13,660,830 shares of the company's stock valued at $28,415,000 after acquiring an additional 2,768,087 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Nextdoor by 24.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 13,660,830 shares of the company's stock valued at $25,682,000 after acquiring an additional 2,700,769 shares during the period. Plustick Management LLC bought a new position in shares of Nextdoor during the 3rd quarter valued at approximately $4,888,000. Potrero Capital Research LLC bought a new position in shares of Nextdoor during the 3rd quarter valued at approximately $4,823,000. Finally, Nikko Asset Management Americas Inc. grew its position in shares of Nextdoor by 28.1% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 10,892,743 shares of the company's stock valued at $17,973,000 after acquiring an additional 2,392,197 shares during the period. 35.66% of the stock is owned by institutional investors.

About Nextdoor

Nextdoor, Inc NYSE: KIND operates a hyperlocal social networking platform that enables neighbors to connect, share information and foster community engagement. Through its website and mobile applications, Nextdoor offers features such as neighborhood newsfeeds, classified listings, recommendations, event planning tools and safety alerts. The company’s platform is designed to bridge the gap between digital communication and real-world community building by facilitating dialogue on topics ranging from local services and business referrals to public safety and community events.

Nextdoor generates revenue primarily through advertising and paid business services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.