Nextdoor (NYSE:NXDR) Posts Earnings Results, Beats Estimates By $0.01 EPS

Nextdoor (NYSE:NXDR) announced its earnings results on Tuesday. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01, Zacks reports. Nextdoor had a negative net margin of 16.47% and a negative return on equity of 9.22%. The business had revenue of $74.55 million during the quarter, compared to the consensus estimate of $72.10 million.

Nextdoor Trading Up 10.8%

NYSE NXDR traded up $0.25 during trading hours on Wednesday, hitting $2.56. The company had a trading volume of 1,740,697 shares, compared to its average volume of 3,270,548. The company has a market cap of $976.35 million, a price-to-earnings ratio of -23.27 and a beta of 1.36. Nextdoor has a fifty-two week low of $1.33 and a fifty-two week high of $3.72. The business has a fifty day moving average of $2.23.

Insider Activity

In other news, General Counsel Sophia Schwartz sold 28,616 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $2.25, for a total transaction of $64,386.00. Following the completion of the transaction, the general counsel owned 307,757 shares in the company, valued at approximately $692,453.25. This represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 33.46% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC bought a new position in Nextdoor in the 4th quarter worth about $27,000. Mackenzie Financial Corp acquired a new stake in shares of Nextdoor in the fourth quarter valued at approximately $29,000. Cibc World Markets Corp bought a new stake in shares of Nextdoor during the fourth quarter valued at approximately $30,000. HighTower Advisors LLC bought a new stake in shares of Nextdoor during the fourth quarter valued at approximately $33,000. Finally, Xponance LLC acquired a new position in shares of Nextdoor during the fourth quarter worth approximately $36,000. 35.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group reissued a “neutral” rating and set a $2.25 price target on shares of Nextdoor in a research report on Thursday, May 7th. Wall Street Zen raised shares of Nextdoor from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nextdoor in a research report on Friday, July 10th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $2.17.

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.