Citigroup Lowers Nextdoor (NYSE:KIND) Price Target to $2.85

Nextdoor (NYSE:KINDGet Rating) had its price objective lowered by research analysts at Citigroup from $3.75 to $2.85 in a note issued to investors on Wednesday, The Fly reports.

Other analysts have also recently issued research reports about the stock. The Goldman Sachs Group reduced their price target on shares of Nextdoor from $4.00 to $3.50 and set a “neutral” rating on the stock in a research report on Wednesday, August 10th. Evercore ISI reduced their price target on shares of Nextdoor to $6.00 in a research report on Monday, August 15th. Finally, Morgan Stanley reduced their target price on shares of Nextdoor from $3.00 to $2.50 and set an “equal weight” rating on the stock in a report on Wednesday, August 10th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of 4.18.

Nextdoor Stock Performance

Shares of KIND opened at 2.47 on Wednesday. The stock has a market capitalization of $953.50 million, a PE ratio of -6.33 and a beta of 0.28. Nextdoor has a 1 year low of 2.04 and a 1 year high of 13.85. The company’s 50-day simple moving average is 2.81 and its 200-day simple moving average is 3.19.

Nextdoor (NYSE:KINDGet Rating) last issued its quarterly earnings results on Tuesday, August 9th. The company reported -0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of -0.10. The business had revenue of 54.54 million for the quarter, compared to analysts’ expectations of 56.27 million. Nextdoor had a negative net margin of 54.45% and a negative return on equity of 22.05%. On average, sell-side analysts predict that Nextdoor will post -0.35 earnings per share for the current year.

Insider Activity at Nextdoor

In other news, major shareholder Greylock 16 Gp Llc bought 1,000,000 shares of Nextdoor stock in a transaction that occurred on Monday, August 15th. The shares were purchased at an average price of 3.13 per share, with a total value of 3,130,000.00. Following the completion of the acquisition, the insider now directly owns 8,943,364 shares in the company, valued at 27,992,729.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director David L. Sze acquired 765,000 shares of the business’s stock in a transaction on Friday, August 19th. The shares were bought at an average price of 3.31 per share, with a total value of 2,532,150.00. Following the completion of the acquisition, the director now owns 10,917,514 shares in the company, valued at 36,136,971.34. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Greylock 16 Gp Llc acquired 1,000,000 shares of the business’s stock in a transaction on Monday, August 15th. The shares were bought at an average cost of 3.13 per share, for a total transaction of 3,130,000.00. Following the acquisition, the insider now owns 8,943,364 shares of the company’s stock, valued at approximately 27,992,729.32. The disclosure for this purchase can be found here. Insiders have bought a total of 2,665,000 shares of company stock valued at $8,678,150 over the last 90 days. 41.91% of the stock is owned by corporate insiders.

Institutional Trading of Nextdoor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Buckingham Strategic Wealth LLC purchased a new position in shares of Nextdoor during the third quarter worth approximately $28,000. Quantbot Technologies LP grew its position in shares of Nextdoor by 261.4% during the first quarter. Quantbot Technologies LP now owns 4,922 shares of the company’s stock worth $29,000 after acquiring an additional 3,560 shares during the last quarter. Freestone Capital Holdings LLC purchased a new position in shares of Nextdoor during the third quarter worth approximately $32,000. Legal & General Group Plc purchased a new position in shares of Nextdoor during the second quarter worth approximately $37,000. Finally, Arizona State Retirement System purchased a new position in shares of Nextdoor during the second quarter worth approximately $39,000. Institutional investors and hedge funds own 31.14% of the company’s stock.

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.

Featured Stories

The Fly logo

Analyst Recommendations for Nextdoor (NYSE:KIND)

Receive News & Ratings for Nextdoor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nextdoor and related companies with MarketBeat.com's FREE daily email newsletter.