Nextdoor (NYSE:NXDR) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Nextdoor (NYSE:NXDR) from a buy rating to a hold rating in a report published on Sunday morning.

A number of other research firms also recently issued reports on NXDR. Citigroup dropped their price objective on shares of Nextdoor from $2.20 to $2.10 and set a “neutral” rating on the stock in a report on Friday, February 20th. Weiss Ratings started coverage on shares of Nextdoor in a research note on Thursday, January 15th. They set a “sell (d-)” rating on the stock. Finally, B. Riley Financial reissued a “neutral” rating on shares of Nextdoor in a research report on Thursday, February 19th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $2.10.

Nextdoor Price Performance

Shares of NXDR opened at $1.65 on Friday. The firm has a market capitalization of $639.75 million, a P/E ratio of -11.78 and a beta of 1.19. Nextdoor has a one year low of $1.32 and a one year high of $3.72.

Nextdoor (NYSE:NXDR) last announced its earnings results on Wednesday, February 18th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate 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 Activity at Nextdoor

In other news, 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 sale, the general counsel directly owned 286,587 shares in the company, valued at $558,844.65. This trade represents a 7.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Antoinette How sold 13,935 shares of Nextdoor stock in a transaction on Friday, January 16th. The shares were sold at an average price of $1.95, for a total transaction of $27,173.25. Following the transaction, the chief accounting officer owned 18,270 shares in the company, valued at approximately $35,626.50. This trade represents a 43.27% decrease in their position. The SEC filing for this sale provides additional information. 33.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Nextdoor

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