Nextdoor (NYSE:NXDR) Rating Increased to Buy at Wall Street Zen

Nextdoor (NYSE:NXDR) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Other analysts have also issued research reports about the stock. Citigroup lowered their price target on shares of Nextdoor from $2.20 to $2.10 and set a “neutral” rating on the stock in a research report on Friday. Weiss Ratings started coverage on shares of Nextdoor in a research note on Thursday, January 15th. They issued a “sell (d-)” rating for the company. Finally, B. Riley Financial restated a “neutral” rating on shares of Nextdoor in a research report on Thursday. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $2.10.

Nextdoor Stock Performance

Shares of NYSE NXDR opened at $1.67 on Friday. The firm has a market cap of $652.86 million, a PE ratio of -11.89 and a beta of 1.18. Nextdoor has a one year low of $1.32 and a one year high of $3.72.

Nextdoor (NYSE:NXDR) last announced its quarterly earnings data on Wednesday, February 18th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $69.48 million for the quarter. Nextdoor had a negative return on equity of 11.48% and a negative net margin of 21.04%.

Insider Buying and Selling

In other Nextdoor news, CAO Antoinette How sold 13,935 shares of the stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $1.95, for a total value of $27,173.25. Following the sale, the chief accounting officer directly owned 18,270 shares in the company, valued at $35,626.50. This represents a 43.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Sophia Schwartz sold 23,278 shares of the firm’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $1.95, for a total transaction of $45,392.10. Following the completion of the transaction, the general counsel directly owned 286,587 shares of the company’s stock, valued at approximately $558,844.65. The trade was a 7.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 33.39% of the company’s stock.

Hedge Funds Weigh In On Nextdoor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Nextdoor in the 4th quarter valued at about $24,990,000. Amova Asset Management Americas Inc. bought a new position in shares of Nextdoor in the fourth quarter worth approximately $24,871,000. Ieq Capital LLC purchased a new stake in Nextdoor in the fourth quarter valued at approximately $19,986,000. ARK Investment Management LLC purchased a new stake in Nextdoor in the fourth quarter valued at approximately $16,335,000. Finally, Geode Capital Management LLC bought a new stake in Nextdoor during the fourth quarter valued at approximately $11,083,000. 35.66% of the stock is currently owned by hedge funds and other 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.