Nextdoor (NYSE:NXDR) Stock Price Target Lowered at Citigroup

Nextdoor (NYSE:NXDR) had its target price lowered by Citigroup from $2.85 to $2.65 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts also recently issued reports on the company. B. Riley Financial upgraded Nextdoor from a “neutral” rating to a “buy” rating and raised their price target for the stock from $2.00 to $3.30 in a research note on Thursday, August 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nextdoor in a research report on Tuesday, October 6th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.73.

Nextdoor Stock Down 7.5%

NXDR stock traded down $0.16 during midday trading on Friday, hitting $1.96. The company’s stock had a trading volume of 2,672,507 shares, compared to its average volume of 2,914,115. The firm has a 50-day simple moving average of $2.40 and a 200-day simple moving average of $2.06. Nextdoor has a 52-week low of $1.33 and a 52-week high of $3.72. The firm has a market capitalization of $758.22 million, a P/E ratio of -24.50 and a beta of 1.45.

Nextdoor (NYSE:NXDR) last issued 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 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 6.16% and a negative net margin of 11.08%. On average, sell-side analysts expect that Nextdoor will post -0.05 earnings per share for the current fiscal year.

Insider Transactions at Nextdoor

In related news, CAO Antoinette How sold 20,705 shares of the stock in a transaction on Friday, October 16th. The stock was sold at an average price of $2.49, for a total value of $51,555.45. Following the transaction, the chief accounting officer directly owned 7,347 shares of the company’s stock, valued at approximately $18,294.03. This trade represents a 73.81% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sophia Schwartz sold 48,120 shares of the business’s stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $2.51, for a total transaction of $120,781.20. Following the sale, the insider owned 360,324 shares of the company’s stock, valued at approximately $904,413.24. This represents a 11.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 410,099 shares of company stock worth $1,017,360 in the last ninety days. Insiders own 33.46% of the company’s stock.

Institutional Investors Weigh In On Nextdoor

Several hedge funds and other institutional investors have recently modified their holdings of NXDR. Arrowstreet Capital Limited Partnership increased its holdings 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 valued at $3,791,000 after acquiring an additional 530,913 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in shares of Nextdoor by 51.4% during the second quarter. Squarepoint Ops LLC now owns 789,512 shares of the company’s stock valued at $1,792,000 after acquiring an additional 268,007 shares during the period. Globeflex Capital L P bought a new position in shares of Nextdoor during the first quarter worth about $132,000. Hsbc Holdings PLC bought a new stake in Nextdoor in the 1st quarter valued at about $232,000. Finally, Renaissance Technologies LLC boosted its stake in Nextdoor by 4.7% during the 1st quarter. Renaissance Technologies LLC now owns 3,112,000 shares of the company’s stock valued at $4,357,000 after purchasing an additional 139,661 shares during the period. Institutional investors own 35.66% of the company’s stock.

About Nextdoor

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.