Nextdoor (NYSE:KIND) Stock Price Down 3.6% – Here’s What Happened

Nextdoor Holdings, Inc. (NYSE:KIND) shares traded down 3.6% during trading on Monday . The company traded as low as $2.33 and last traded at $2.39. Approximately 2,408,036 shares traded hands during mid-day trading, an increase of 17% from the average daily volume of 2,049,735 shares. The stock had previously closed at $2.48.

Nextdoor Stock Performance

The firm has a 50-day moving average price of $2.18 and a two-hundred day moving average price of $1.87. The firm has a market cap of $914.39 million, a price-to-earnings ratio of -9.96 and a beta of 1.19.

Institutional Trading of Nextdoor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in shares of Nextdoor by 82.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 811,014 shares of the company’s stock valued at $1,525,000 after buying an additional 367,270 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in Nextdoor during the 3rd quarter worth $364,000. Virtus Advisers LLC purchased a new stake in Nextdoor in the third quarter valued at $118,000. Cresset Asset Management LLC lifted its position in Nextdoor by 68.1% in the third quarter. Cresset Asset Management LLC now owns 55,724 shares of the company’s stock valued at $105,000 after acquiring an additional 22,580 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Nextdoor by 69.9% in the third quarter. BNP Paribas Financial Markets now owns 51,040 shares of the company’s stock valued at $96,000 after acquiring an additional 21,002 shares in the last quarter. Institutional investors and hedge funds own 35.66% of the company’s stock.

Nextdoor Company Profile

Nextdoor, Inc (NYSE: KIND) operates a hyperlocal social networking platform that enables neighbors to connect, share information and foster community engagement. Through its website and mobile applications, Nextdoor offers features such as neighborhood newsfeeds, classified listings, recommendations, event planning tools and safety alerts. The company’s platform is designed to bridge the gap between digital communication and real-world community building by facilitating dialogue on topics ranging from local services and business referrals to public safety and community events.

Nextdoor generates revenue primarily through advertising and paid business services.