Nextdoor (NYSE:NXDR) Shares Up 11.1% – Here’s Why

Shares of Nextdoor Holdings, Inc. (NYSE:NXDR) shot up 11.1% on Wednesday . The stock traded as high as $2.15 and last traded at $2.1550. 2,284,671 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 3,599,532 shares. The stock had previously closed at $1.94.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NXDR. Citigroup decreased their price objective on shares of Nextdoor from $2.20 to $2.10 and set a “neutral” rating on the stock in a research report on Friday, February 20th. B. Riley Financial restated a “neutral” rating on shares of Nextdoor in a research report on Thursday, February 19th. Wall Street Zen upgraded shares of Nextdoor from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nextdoor in a research report on Tuesday, April 14th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $2.25 price target on shares of Nextdoor in a research report on Thursday, May 7th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Nextdoor currently has an average rating of “Reduce” and a consensus target price of $2.18.

Nextdoor Stock Down 2.6%

The stock’s 50-day moving average is $1.56. The firm has a market cap of $772.31 million, a price-to-earnings ratio of -18.41 and a beta of 1.29.

Nextdoor (NYSE:NXDR) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Nextdoor had a negative net margin of 16.47% and a negative return on equity of 9.22%. The business had revenue of $61.67 million for the quarter. As a group, sell-side analysts anticipate that Nextdoor Holdings, Inc. will post -0.09 EPS for the current year.

Institutional Trading of Nextdoor

A number of institutional investors have recently made changes to their positions in NXDR. Farther Finance Advisors LLC bought a new position in shares of Nextdoor in the fourth quarter worth approximately $25,000. Geneos Wealth Management Inc. bought a new position in shares of Nextdoor in the fourth quarter worth approximately $26,000. Commonwealth Equity Services LLC bought a new position in shares of Nextdoor in the fourth quarter worth approximately $27,000. Mackenzie Financial Corp bought a new position in shares of Nextdoor in the fourth quarter worth approximately $29,000. Finally, Cibc World Markets Corp bought a new position in shares of Nextdoor in the fourth quarter worth approximately $30,000. 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.