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

Wall Street Zen upgraded shares of Nextdoor (NYSE:NXDR) from a hold rating to a buy rating in a research report released on Saturday.

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

Nextdoor Trading Down 4.3%

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

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

Insider Buying and Selling at Nextdoor

In other news, General Counsel Sophia Schwartz sold 23,278 shares of the stock in a transaction on Friday, January 16th. The stock was sold at an average price of $1.95, for a total transaction of $45,392.10. Following the transaction, the general counsel owned 286,587 shares of the company’s stock, valued at approximately $558,844.65. This represents a 7.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Antoinette How sold 13,935 shares of Nextdoor stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $1.95, for a total value of $27,173.25. Following the completion of the sale, the chief accounting officer owned 18,270 shares of the company’s stock, valued at $35,626.50. The trade was a 43.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 33.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nextdoor

Several institutional investors have recently bought and sold shares of NXDR. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Nextdoor during the fourth quarter worth $24,990,000. Amova Asset Management Americas Inc. bought a new stake in Nextdoor during the fourth quarter valued at about $24,871,000. Ieq Capital LLC purchased a new position in Nextdoor in the fourth quarter valued at about $19,986,000. ARK Investment Management LLC purchased a new position in Nextdoor in the fourth quarter valued at about $16,335,000. Finally, Geode Capital Management LLC bought a new position in Nextdoor in the fourth quarter worth about $11,083,000. 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.