Citigroup Lowers Nextdoor (NYSE:NXDR) Price Target to $2.10

Nextdoor (NYSE:NXDR) had its target price reduced by equities research analysts at Citigroup from $2.20 to $2.10 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 26.13% from the company’s current price.

Several other equities research analysts have also commented on the stock. B. Riley Financial reissued a “neutral” rating on shares of Nextdoor in a research note on Thursday. Weiss Ratings assumed coverage on Nextdoor in a research note on Thursday, January 15th. They issued a “sell (d-)” rating on the stock. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $2.10.

Nextdoor Stock Performance

Shares of NYSE:NXDR traded down $0.08 during trading on Friday, hitting $1.67. The stock had a trading volume of 3,234,942 shares, compared to its average volume of 3,528,337. The firm has a market capitalization of $652.86 million, a P/E ratio of -11.89 and a beta of 1.18. Nextdoor has a 12 month low of $1.32 and a 12 month high of $3.72.

Nextdoor (NYSE:NXDR) last issued its quarterly earnings results on Wednesday, February 18th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The company 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 at Nextdoor

In other Nextdoor news, General Counsel Sophia Schwartz sold 23,278 shares of the stock in a transaction on Friday, January 16th. The stock was sold at an average price of $1.95, for a total transaction of $45,392.10. Following the sale, the general counsel directly owned 286,587 shares in the company, valued at approximately $558,844.65. This trade represents a 7.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Antoinette How sold 13,935 shares of Nextdoor stock in a transaction on Friday, January 16th. The stock was 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 directly owned 18,270 shares of the company’s stock, valued at approximately $35,626.50. The trade was a 43.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 33.39% of the company’s stock.

Hedge Funds Weigh In On Nextdoor

A number of hedge funds have recently bought and sold shares of NXDR. Abacus Wealth Partners LLC bought a new position in Nextdoor in the fourth quarter worth approximately $57,000. Versor Investments LP bought a new position in Nextdoor in the 4th quarter worth $83,000. Knuff & Co LLC purchased a new position in Nextdoor during the fourth quarter valued at $52,000. Arizona State Retirement System bought a new stake in Nextdoor during the fourth quarter valued at about $126,000. Finally, Pictet Asset Management Holding SA bought a new stake in Nextdoor during the fourth quarter valued at about $43,000. Hedge funds and other institutional investors 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.