B. Riley Financial Upgrades Nextdoor (NYSE:NXDR) to Buy

Nextdoor (NYSE:NXDR) was upgraded by investment analysts at B. Riley Financial from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage currently has a $3.30 price target on the stock, up from their prior price target of $2.00. B. Riley Financial’s price target would suggest a potential upside of 34.42% from the company’s current price.

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

Nextdoor Stock Performance

NXDR opened at $2.46 on Thursday. The company has a fifty day moving average price of $2.24 and a two-hundred day moving average price of $1.88. The firm has a market capitalization of $936.31 million, a PE ratio of -30.69 and a beta of 1.36. Nextdoor has a 52 week low of $1.33 and a 52 week high of $3.72.

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

Insider Buying and Selling at Nextdoor

In related news, General Counsel Sophia Schwartz sold 28,616 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $2.25, for a total value of $64,386.00. Following the sale, the general counsel directly owned 307,757 shares of the company’s stock, valued at $692,453.25. This trade represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 33.46% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Nextdoor during the fourth quarter valued at approximately $24,990,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Nextdoor by 24.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,707,745 shares of the company’s stock worth $3,791,000 after buying an additional 530,913 shares during the last quarter. Nano Cap New Millennium Growth Fund L P bought a new position in Nextdoor during the 4th quarter valued at approximately $798,000. Bond Capital Management LP bought a new position in Nextdoor during the 4th quarter valued at approximately $2,937,000. Finally, Oasis Management Co Ltd. purchased a new position in Nextdoor during the fourth quarter valued at $525,000. 35.66% of the stock is owned by hedge funds and other institutional investors.

Nextdoor Company Profile

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.