Nextdoor (NYSE:KIND) Stock Price Up 13.1% After Analyst Upgrade

Nextdoor Holdings, Inc. (NYSE:KIND)’s share price shot up 13.1% during mid-day trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $2.50 to $3.00. The Goldman Sachs Group currently has a neutral rating on the stock. Nextdoor traded as high as $2.93 and last traded at $2.93. 1,847,883 shares were traded during trading, an increase of 20% from the average session volume of 1,540,043 shares. The stock had previously closed at $2.59.

Separately, Morgan Stanley lifted their target price on shares of Nextdoor from $2.20 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd.

Insider Activity at Nextdoor

In related news, General Counsel Sophia Schwartz sold 17,529 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $2.58, for a total transaction of $45,224.82. Following the completion of the sale, the general counsel now owns 304,666 shares of the company’s stock, valued at approximately $786,038.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 46.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nextdoor

Several institutional investors and hedge funds have recently bought and sold shares of KIND. XTX Topco Ltd purchased a new stake in Nextdoor during the 2nd quarter worth approximately $28,000. Creative Planning purchased a new position in shares of Nextdoor in the 3rd quarter valued at $28,000. Ground Swell Capital LLC acquired a new stake in Nextdoor during the 2nd quarter worth $30,000. Xponance Inc. acquired a new stake in Nextdoor during the 2nd quarter worth $31,000. Finally, nVerses Capital LLC acquired a new stake in Nextdoor during the 2nd quarter worth $49,000. 35.66% of the stock is currently owned by institutional investors and hedge funds.

Nextdoor Trading Up 13.5 %

The company has a market cap of $1.12 billion, a price-to-earnings ratio of -7.58 and a beta of 1.08. The company’s 50 day moving average price is $2.44 and its 200 day moving average price is $2.49.

Nextdoor (NYSE:KIND) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. Nextdoor had a negative net margin of 65.63% and a negative return on equity of 22.69%. The firm had revenue of $63.29 million during the quarter, compared to analysts’ expectations of $58.80 million. Sell-side analysts predict that Nextdoor Holdings, Inc. will post -0.23 earnings per share for the current year.

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.