Nextdoor (NYSE:NXDR) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Nextdoor (NYSE:NXDR) from a buy rating to a hold rating in a research report sent to investors on Sunday.

Several other equities analysts also recently issued reports on the stock. Weiss Ratings began coverage on shares of Nextdoor in a report on Thursday, January 15th. They set a “sell (d-)” rating on the stock. B. Riley Financial reissued a “neutral” rating on shares of Nextdoor in a research report on Thursday, February 19th. Finally, Citigroup cut 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. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $2.10.

Nextdoor Stock Down 1.7%

Shares of NXDR opened at $1.75 on Friday. The firm has a market cap of $678.52 million, a PE ratio of -12.50 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 announced its 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. Nextdoor had a negative return on equity of 11.48% and a negative net margin of 21.04%.The firm had revenue of $69.48 million for the quarter.

Insider Activity at Nextdoor

In other Nextdoor news, General Counsel Sophia Schwartz sold 23,278 shares of the firm’s stock in a transaction that occurred on 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 directly owned 286,587 shares of the company’s stock, valued at approximately $558,844.65. This trade represents a 7.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Antoinette How sold 13,935 shares of Nextdoor stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $1.95, for a total transaction of $27,173.25. Following the sale, the chief accounting officer owned 18,270 shares of the company’s stock, valued at approximately $35,626.50. The trade was a 43.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 33.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nextdoor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NXDR. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of Nextdoor during the 4th quarter valued at about $24,990,000. Amova Asset Management Americas Inc. purchased a new stake in shares of Nextdoor in the fourth quarter worth about $24,871,000. Ieq Capital LLC acquired a new stake in Nextdoor during the fourth quarter worth about $19,986,000. ARK Investment Management LLC acquired a new stake in Nextdoor during the fourth quarter worth about $16,335,000. Finally, Geode Capital Management LLC purchased a new position in Nextdoor during the fourth quarter valued at approximately $11,083,000. 35.66% of the stock is owned by institutional investors and hedge funds.

Nextdoor Company Profile

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.