Nextdoor (NYSE:NXDR) Raised to Buy at Wall Street Zen

Nextdoor (NYSE:NXDR) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nextdoor in a report on Tuesday, April 14th. Citigroup decreased their price objective on shares of Nextdoor from $2.20 to $2.10 and set a “neutral” rating for the company in a report on Friday, February 20th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $2.25 price objective on shares of Nextdoor in a report on Thursday. Finally, B. Riley Financial reiterated a “neutral” rating on shares of Nextdoor in a report on Thursday, February 19th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $2.18.

Nextdoor Stock Performance

Nextdoor stock opened at $2.02 on Friday. The firm’s fifty day moving average is $1.53. Nextdoor has a 12 month low of $1.32 and a 12 month high of $3.72. The stock has a market cap of $781.28 million, a PE ratio of -18.32 and a beta of 1.29.

Nextdoor (NYSE:NXDR) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business had revenue of $61.67 million for the quarter. Nextdoor had a negative net margin of 16.47% and a negative return on equity of 9.22%. On average, research analysts anticipate that Nextdoor will post -0.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its position in shares of Nextdoor by 4.3% during the first quarter. Bank of New York Mellon Corp now owns 542,691 shares of the company’s stock valued at $760,000 after buying an additional 22,462 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of Nextdoor during the first quarter valued at about $232,000. Granite Investment Partners LLC raised its position in shares of Nextdoor by 77.9% during the first quarter. Granite Investment Partners LLC now owns 31,274 shares of the company’s stock valued at $44,000 after buying an additional 13,692 shares during the last quarter. R Squared Ltd raised its position in shares of Nextdoor by 37.1% during the first quarter. R Squared Ltd now owns 29,325 shares of the company’s stock valued at $41,000 after buying an additional 7,941 shares during the last quarter. Finally, Abel Hall LLC raised its position in shares of Nextdoor by 49.4% during the first quarter. Abel Hall LLC now owns 52,337 shares of the company’s stock valued at $73,000 after buying an additional 17,314 shares during the last quarter. Institutional investors and hedge funds own 35.66% of the company’s stock.

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.