Nextdoor (NYSE:KIND) Cut to “Underweight” at Morgan Stanley

Morgan Stanley lowered shares of Nextdoor (NYSE:KIND) from an equal weight rating to an underweight rating in a report published on Tuesday morning, MarketBeat reports. They currently have $1.10 target price on the stock.

Other analysts also recently issued reports about the company. The Goldman Sachs Group decreased their price target on Nextdoor from $2.50 to $1.75 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Craig Hallum initiated coverage on Nextdoor in a research note on Thursday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock.

Nextdoor Price Performance

Nextdoor stock opened at $1.44 on Tuesday. Nextdoor has a 1-year low of $1.32 and a 1-year high of $3.00. The company has a market cap of $554.34 million, a PE ratio of -4.48 and a beta of 1.16. The stock’s 50 day moving average price is $1.52 and its 200 day moving average price is $2.14.

Nextdoor (NYSE:KIND) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Nextdoor had a negative return on equity of 19.42% and a negative net margin of 53.23%. The firm had revenue of $54.18 million for the quarter, compared to the consensus estimate of $53.14 million. On average, equities research analysts anticipate that Nextdoor will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Sophia Schwartz sold 15,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $1.72, for a total value of $25,800.00. Following the sale, the general counsel now directly owns 267,445 shares in the company, valued at $460,005.40. This represents a 5.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 46.04% of the stock is owned by company insiders.

Institutional Trading of Nextdoor

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Titleist Asset Management LLC lifted its position in shares of Nextdoor by 1.1% in the fourth quarter. Titleist Asset Management LLC now owns 381,750 shares of the company’s stock valued at $905,000 after acquiring an additional 4,000 shares in the last quarter. Occudo Quantitative Strategies LP lifted its position in shares of Nextdoor by 3.1% in the fourth quarter. Occudo Quantitative Strategies LP now owns 138,203 shares of the company’s stock valued at $328,000 after acquiring an additional 4,091 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Nextdoor by 77.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,372 shares of the company’s stock valued at $25,000 after acquiring an additional 4,514 shares in the last quarter. Invesco Ltd. lifted its position in shares of Nextdoor by 2.2% in the fourth quarter. Invesco Ltd. now owns 243,395 shares of the company’s stock valued at $577,000 after acquiring an additional 5,178 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in shares of Nextdoor by 13.9% in the first quarter. Arizona State Retirement System now owns 55,626 shares of the company’s stock valued at $85,000 after acquiring an additional 6,793 shares in the last quarter. 35.66% of the stock is currently owned by hedge funds and other institutional investors.

About Nextdoor

Nextdoor Holdings, Inc operates a neighborhood network that connects neighbors, businesses, and public services in the United States and internationally. The company enables neighbors and organizations to get information, give and get help, and build connections. It also offers advertising solutions, designs to generate value for businesses for connection and sales expansion.