Zacks Investment Research Upgrades Nextdoor (NYSE:KIND) to Buy

Nextdoor (NYSE:KINDGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, Zacks.com reports. The firm presently has a $4.00 price objective on the stock.

According to Zacks, “Nextdoor Holdings Inc. operates neighborhood network which connects neighbors, businesses and public services. It enables neighbors to receive information, give and get help and get things done. Nextdoor Holdings Inc., formerly known as Khosla Ventures Acquisition Co. II, is based in SAN FRANCISCO. “

Other analysts also recently issued research reports about the stock. The Goldman Sachs Group reduced their target price on shares of Nextdoor from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, April 1st. Citigroup assumed coverage on Nextdoor in a research report on Tuesday, April 19th. They issued a “neutral” rating and a $6.50 target price on the stock. Truist Financial began coverage on Nextdoor in a report on Tuesday, March 29th. They set a “hold” rating and a $7.00 price target for the company. Finally, Morgan Stanley reduced their price target on Nextdoor from $7.00 to $6.50 and set an “equal weight” rating for the company in a research note on Tuesday, March 29th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Nextdoor presently has a consensus rating of “Hold” and an average price target of 8.00.

NYSE:KIND opened at 3.68 on Thursday. Nextdoor has a 52-week low of 2.47 and a 52-week high of 18.59. The stock has a 50-day simple moving average of 4.17 and a 200 day simple moving average of 6.14.

Nextdoor (NYSE:KINDGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported -0.09 earnings per share for the quarter, beating analysts’ consensus estimates of -0.14 by 0.05. The company had revenue of 51.00 million during the quarter, compared to the consensus estimate of 48.40 million. On average, research analysts predict that Nextdoor will post -0.3 earnings per share for the current year.

In other Nextdoor news, Director David L. Sze bought 2,175,518 shares of the firm’s stock in a transaction dated Monday, June 6th. The stock was bought at an average cost of 3.35 per share, with a total value of 7,287,985.30. Following the completion of the transaction, the director now directly owns 3,802,966 shares in the company, valued at approximately 12,739,936.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David L. Sze bought 2,050,000 shares of the firm’s stock in a transaction dated Friday, June 3rd. The shares were acquired at an average cost of 3.13 per share, with a total value of 6,416,500.00. Following the completion of the transaction, the director now owns 1,845,000 shares of the company’s stock, valued at 5,774,850. The disclosure for this purchase can be found here. 41.91% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of KIND. Bond Capital Management LP purchased a new stake in shares of Nextdoor in the 1st quarter valued at $41,674,000. ARK Investment Management LLC boosted its stake in shares of Nextdoor by 19.4% in the 1st quarter. ARK Investment Management LLC now owns 6,707,523 shares of the company’s stock valued at $40,178,000 after purchasing an additional 1,087,527 shares in the last quarter. Capital World Investors boosted its stake in shares of Nextdoor by 10.0% in the 1st quarter. Capital World Investors now owns 5,500,000 shares of the company’s stock valued at $32,945,000 after purchasing an additional 500,000 shares in the last quarter. Insight Holdings Group LLC purchased a new stake in shares of Nextdoor in the 4th quarter valued at $42,240,000. Finally, Nikko Asset Management Americas Inc. purchased a new stake in shares of Nextdoor in the 1st quarter valued at $23,016,000.

Nextdoor Company Profile (Get Rating)

Nextdoor Holdings, Inc operates as the neighborhood network that connects neighbors, businesses, and public services in the United States and internationally. It enables small and mid-sized businesses, large brands, public agencies, and nonprofits to receive information, give and get help, and build connections.

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