Nextdoor (NYSE:NXDR) Sees Strong Trading Volume – Here’s What Happened

Nextdoor Holdings, Inc. (NYSE:NXDR) saw an uptick in trading volume on Tuesday . 17,158,953 shares were traded during mid-day trading, an increase of 358% from the previous session’s volume of 3,749,491 shares.The stock last traded at $1.6850 and had previously closed at $1.70.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. B. Riley Financial reiterated a “neutral” rating on shares of Nextdoor in a research report on Thursday, February 19th. Weiss Ratings assumed coverage on Nextdoor in a research note on Thursday, January 15th. They set a “sell (d-)” rating for the company. Citigroup dropped 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, February 20th. Finally, Wall Street Zen downgraded shares of Nextdoor from a “buy” rating to a “hold” rating in a research report on Sunday. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Nextdoor has an average rating of “Reduce” and an average target price of $2.10.

Nextdoor Price Performance

The stock has a market cap of $649.44 million, a PE ratio of -11.96 and a beta of 1.19.

Nextdoor (NYSE:NXDR) last announced its quarterly earnings data on Wednesday, February 18th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The firm 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

In related news, CAO Antoinette How sold 13,935 shares of the company’s 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 approximately $35,626.50. This represents a 43.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Sophia Schwartz sold 23,278 shares of the business’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $1.95, for a total transaction of $45,392.10. Following the completion of the transaction, the general counsel owned 286,587 shares in the company, valued at $558,844.65. The trade was a 7.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 33.39% of the company’s stock.

Institutional Investors Weigh In On Nextdoor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN purchased a new stake in shares of Nextdoor in the 4th quarter valued at approximately $519,000. Mariner LLC purchased a new position in Nextdoor in the fourth quarter worth approximately $66,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Nextdoor in the 4th quarter valued at $590,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Nextdoor during the 4th quarter worth about $40,000. Finally, Ieq Capital LLC acquired a new position in Nextdoor in the fourth quarter valued at approximately $19,986,000. Institutional investors and hedge funds own 35.66% of the company’s stock.

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.