Nextdoor (NYSE:NXDR) Shares Up 11.1% – What’s Next?

Nextdoor Holdings, Inc. (NYSE:NXDR)’s share price shot up 11.1% during trading on Wednesday . The company traded as high as $2.15 and last traded at $2.1550. 2,284,671 shares changed hands during trading, a decline of 37% from the average session volume of 3,599,532 shares. The stock had previously closed at $1.94.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NXDR shares. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $2.25 price objective on shares of Nextdoor in a research note on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nextdoor in a report on Tuesday, April 14th. Citigroup lowered their price objective on shares of Nextdoor from $2.20 to $2.10 and set a “neutral” rating for the company in a research report on Friday, February 20th. Wall Street Zen upgraded shares of Nextdoor from a “hold” rating to a “buy” rating in a report on Saturday. Finally, B. Riley Financial reiterated a “neutral” rating on shares of Nextdoor in a research note on Thursday, February 19th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $2.18.

Nextdoor Stock Performance

The firm has a market cap of $812.29 million, a P/E ratio of -19.05 and a beta of 1.29. The firm has a fifty day simple moving average of $1.55.

Nextdoor (NYSE:NXDR) last announced its earnings results on Wednesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. Nextdoor had a negative return on equity of 9.22% and a negative net margin of 16.47%.The business had revenue of $61.67 million during the quarter. Research analysts forecast that Nextdoor Holdings, Inc. will post -0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Nextdoor

Several hedge funds and other institutional investors have recently bought and sold shares of NXDR. Sumitomo Mitsui Trust Group Inc. bought a new stake in Nextdoor during the fourth quarter valued at $24,990,000. Amova Asset Management Americas Inc. bought a new position in shares of Nextdoor in the 4th quarter worth about $24,871,000. Ieq Capital LLC acquired a new position in shares of Nextdoor in the 4th quarter valued at about $19,986,000. ARK Investment Management LLC bought a new stake in shares of Nextdoor during the 4th quarter valued at about $16,335,000. Finally, Geode Capital Management LLC acquired a new stake in Nextdoor during the fourth quarter worth approximately $11,083,000. Institutional investors and hedge funds own 35.66% of the company’s stock.

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.