Nextdoor (NYSE:NXDR) Shares Down 5.5% – Here’s Why

Nextdoor Holdings, Inc. (NYSE:NXDR)’s share price fell 5.5% during trading on Tuesday . The company traded as low as $2.51 and last traded at $2.4950. 1,493,659 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 3,093,867 shares. The stock had previously closed at $2.64.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NXDR. Citigroup increased their target price on Nextdoor from $2.30 to $2.85 and gave the company a “neutral” rating in a research report on Monday, August 17th. B. Riley Financial raised shares of Nextdoor from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $2.00 to $3.30 in a report on Thursday, August 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Nextdoor in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nextdoor has an average rating of “Hold” and an average target price of $2.80.

Nextdoor Stock Performance

The company has a 50 day simple moving average of $2.38 and a 200 day simple moving average of $2.04. The company has a market capitalization of $901.99 million, a PE ratio of -29.56 and a beta of 1.37.

Nextdoor (NYSE:NXDR) last released its earnings results on Tuesday, August 4th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01. Nextdoor had a negative return on equity of 6.16% and a negative net margin of 11.08%.The business had revenue of $74.55 million for the quarter, compared to the consensus estimate of $72.10 million. As a group, equities research analysts anticipate that Nextdoor Holdings, Inc. will post -0.05 EPS for the current year.

Insider Transactions at Nextdoor

In other Nextdoor news, CAO Antoinette How sold 40,000 shares of the stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $2.63, for a total value of $105,200.00. Following the completion of the sale, the chief accounting officer owned 40,000 shares in the company, valued at approximately $105,200. This represents a 50.00% decrease in their position. 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. Over the last three months, insiders have sold 230,474 shares of company stock worth $561,647. 33.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Amova Asset Management Americas Inc. purchased a new position in Nextdoor during the fourth quarter worth approximately $24,871,000. Renaissance Technologies LLC grew its holdings in Nextdoor by 4.7% in the 1st quarter. Renaissance Technologies LLC now owns 3,112,000 shares of the company’s stock valued at $4,357,000 after buying an additional 139,661 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in 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 buying an additional 530,913 shares in the last quarter. Bond Capital Management LP acquired a new stake in shares of Nextdoor in the 4th quarter worth $2,937,000. Finally, Creek Drive Management Group LLC acquired a new stake in shares of Nextdoor in the 4th quarter worth $2,625,000. 35.66% of the stock is currently owned by institutional investors and hedge funds.

About Nextdoor

Nextdoor Holdings, Inc operates Nextdoor, a neighborhood-focused social networking platform available through mobile applications and the web. The service enables people to connect with nearby residents, exchange local information, request and provide recommendations, share alerts, and discuss community issues. Users generally join neighborhood networks tied to their residential locations, helping Nextdoor support conversations based on geographic communities.

The platform also offers features for local businesses, public agencies, and nonprofit organizations.