Nextdoor (NYSE:NXDR) Share Price Breaks Above 50-Day Moving Average - Here's What Happened

Key Points

• Nextdoor shares rose 5.2%, reaching $2.48 and closing at $2.44—above the 50-day moving average of $2.41.
• Analyst sentiment remains mixed: the consensus rating is Hold with a $2.80 target price, following B. Riley’s upgrade to Buy and price-target increase to $3.30.
• Nextdoor beat quarterly estimates, reporting a loss of $0.01 per share and revenue of $74.55 million; meanwhile, company insiders sold about 410,000 shares over the past three months.

Nextdoor Holdings, Inc. (NYSE:NXDR - Get Free Report)'s share price crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $2.41 and traded as high as $2.48. Nextdoor shares last traded at $2.44, with a volume of 2,521,285 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NXDR shares. B. Riley Financial upgraded shares of Nextdoor from a "neutral" rating to a "buy" rating and upped their target price for the company from $2.00 to $3.30 in a report on Thursday, August 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nextdoor in a report on Tuesday, October 6th. Finally, Citigroup boosted their price objective on shares of Nextdoor from $2.30 to $2.85 and gave the company a "neutral" rating in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $2.80.

Nextdoor Stock Up 5.2%

The stock has a market capitalization of $943.91 million, a price-to-earnings ratio of -30.50 and a beta of 1.45. The company has a 50 day moving average of $2.41 and a 200 day moving average of $2.06.

Nextdoor (NYSE:NXDR - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01. The firm had revenue of $74.55 million for the quarter, compared to the consensus estimate of $72.10 million. Nextdoor had a negative return on equity of 6.16% and a negative net margin of 11.08%. On average, research analysts forecast that Nextdoor Holdings, Inc. will post -0.05 earnings per share for the current fiscal year.

Insider Transactions at Nextdoor

In related news, CAO Antoinette How sold 154,893 shares of the firm's stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $2.43, for a total value of $376,389.99. Following the sale, the chief accounting officer directly owned 154,893 shares of the company's stock, valued at approximately $376,389.99. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Michael Kiernan sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $2.54, for a total transaction of $127,000.00. Following the completion of the sale, the executive directly owned 458,602 shares in the company, valued at $1,164,849.08. This represents a 9.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 410,099 shares of company stock worth $1,017,360 in the last three months. Company insiders own 33.46% of the company's stock.

Hedge Funds Weigh In On Nextdoor

Large investors have recently bought and sold shares of the stock. Lido Advisors LLC purchased a new stake in Nextdoor during the third quarter valued at about $63,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Nextdoor by 93.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,366,517 shares of the company's stock worth $3,389,000 after purchasing an additional 658,535 shares during the period. CenterBook Partners LP purchased a new position in shares of Nextdoor in the 3rd quarter worth about $180,000. Covestor Ltd lifted its stake in shares of Nextdoor by 8,580.3% in the 3rd quarter. Covestor Ltd now owns 11,024 shares of the company's stock valued at $27,000 after purchasing an additional 10,897 shares in the last quarter. Finally, State of Wyoming lifted its stake in shares of Nextdoor by 627.9% in the 3rd quarter. State of Wyoming now owns 156,061 shares of the company's stock valued at $379,000 after purchasing an additional 134,621 shares in the last quarter. Hedge funds and other institutional investors own 35.66% of the company's stock.

Nextdoor Company Profile

Nextdoor Holdings, Inc operates Nextdoor, a social networking platform designed to connect people with others in their local communities. The platform enables verified neighbors to share recommendations, local news, safety information, event announcements, alerts, and other community updates.

In addition to its consumer platform, Nextdoor provides tools for local businesses, public agencies, nonprofit organizations, and other community organizations. These users can create business or agency pages, communicate with nearby residents, promote products and services, and distribute relevant information.

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