Nextdoor (NYSE:NXDR) Rating Increased to Buy at B. Riley Financial

Key Points

• B. Riley Financial upgraded Nextdoor to “buy” from “neutral” and raised its price target to $3.30 from $2.00, implying 34.42% upside from the prior close.
• Nextdoor reported quarterly revenue of $74.55 million and adjusted EPS of negative $0.01, beating analysts’ estimates of $72.10 million and negative $0.02, respectively. Analysts still have a consensus “hold” rating and an average price target of $2.55.
• The stock opened at $2.46, versus a 52-week range of $1.33 to $3.72. Insiders own 33.46% of shares, while institutional investors own 35.66%.

Nextdoor (NYSE:NXDR - Get Free Report) was upgraded by B. Riley Financial from a "neutral" rating to a "buy" rating in a research note issued to investors on Thursday, MarketBeat reports. The firm currently has a $3.30 price objective on the stock, up from their prior price objective of $2.00. B. Riley Financial's price objective would suggest a potential upside of 34.42% from the stock's previous close.

A number of other brokerages also recently weighed in on NXDR. Wall Street Zen raised Nextdoor from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. The Goldman Sachs Group restated a "neutral" rating and set a $2.25 price target on shares of Nextdoor in a report on Thursday, May 7th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Nextdoor in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $2.55.

Nextdoor Price Performance

NYSE NXDR opened at $2.46 on Thursday. The firm has a market capitalization of $936.31 million, a price-to-earnings ratio of -30.69 and a beta of 1.36. The company has a 50 day simple moving average of $2.24 and a 200-day simple moving average of $1.88. Nextdoor has a 52-week low of $1.33 and a 52-week high of $3.72.

Nextdoor (NYSE:NXDR - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.01. Nextdoor had a negative net margin of 11.08% and a negative return on equity of 6.12%. The company had revenue of $74.55 million during the quarter, compared to the consensus estimate of $72.10 million. On average, analysts predict that Nextdoor will post -0.09 EPS for the current year.

Insider Buying and Selling

In other Nextdoor news, General Counsel Sophia Schwartz sold 28,616 shares of the business's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $2.25, for a total value of $64,386.00. Following the sale, the general counsel owned 307,757 shares of the company's stock, valued at $692,453.25. The trade was a 8.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nextdoor

Several large investors have recently modified their holdings of NXDR. Amova Asset Management Americas Inc. acquired a new stake in shares of Nextdoor in the 4th quarter valued at $24,871,000. Sumitomo Mitsui Trust Group Inc. bought a new stake in Nextdoor during the 4th quarter worth approximately $24,990,000. Ieq Capital LLC bought a new stake in shares of Nextdoor during the fourth quarter worth $19,986,000. ARK Investment Management LLC acquired a new position in Nextdoor during the 4th quarter worth about $16,335,000. Finally, Geode Capital Management LLC acquired a new stake in Nextdoor in the 4th quarter valued at about $11,083,000. 35.66% of the stock is currently owned by institutional investors.

About Nextdoor

Nextdoor Holdings, Inc NYSE: NXDR operates Nextdoor, a private social network designed to connect neighbors and local communities. Founded by Nirav Tolia, Sarah Leary, Prakash Janakiraman and David Wiesen, the company is headquartered in San Francisco and provides an app and web platform where residents can share news, recommendations, safety information, items for sale, and local event notices. The platform is built around verified neighborhood groups and identity-confirmation processes intended to foster trust and relevant local conversations.

Nextdoor’s core products center on the consumer-facing Nextdoor app and web experience, supplemented by tools and services for local businesses, public agencies, and advertisers.

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