Nextdoor (NYSE:NXDR) Given New $2.65 Price Target at Citigroup

Nextdoor (NYSE:NXDR) had its target price lowered by equities researchers at Citigroup from $2.85 to $2.65 in a report issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup‘s price target would suggest a potential upside of 35.20% from the stock’s previous close.

Several other equities analysts also recently weighed in on NXDR. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nextdoor in a research note on Tuesday, October 6th. B. Riley Financial upgraded shares of Nextdoor from a “neutral” rating to a “buy” rating and upped their price target for the company from $2.00 to $3.30 in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Nextdoor presently has a consensus rating of “Hold” and an average price target of $2.73.

Nextdoor Trading Down 7.5%

Shares of NXDR stock traded down $0.16 on Friday, hitting $1.96. 2,672,286 shares of the stock were exchanged, compared to its average volume of 2,912,738. The firm’s 50 day moving average is $2.41 and its two-hundred day moving average is $2.06. Nextdoor has a one year low of $1.33 and a one year high of $3.72. The firm has a market capitalization of $758.22 million, a PE ratio of -24.50 and a beta of 1.45.

Nextdoor (NYSE:NXDR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. The business had revenue of $74.55 million for the quarter, compared to analysts’ expectations of $72.10 million. Nextdoor had a negative return on equity of 6.16% and a negative net margin of 11.08%. On average, sell-side analysts expect that Nextdoor will post -0.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Sophia Schwartz sold 48,120 shares of the company’s stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $2.51, for a total transaction of $120,781.20. Following the sale, the insider directly owned 360,324 shares in the company, valued at $904,413.24. This represents a 11.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Antoinette How sold 154,893 shares of the stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $2.43, for a total transaction of $376,389.99. Following the completion of the sale, the chief accounting officer directly owned 154,893 shares in the company, valued at approximately $376,389.99. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 410,099 shares of company stock worth $1,017,360 in the last quarter. 33.46% of the stock is owned by company insiders.

Institutional Trading of Nextdoor

A number of hedge funds and other institutional investors have recently bought and sold shares of NXDR. Arrowstreet Capital Limited Partnership boosted its holdings in Nextdoor by 24.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,707,745 shares of the company’s stock valued at $3,791,000 after purchasing an additional 530,913 shares during the period. Squarepoint Ops LLC grew its position in shares of Nextdoor by 51.4% during the 2nd quarter. Squarepoint Ops LLC now owns 789,512 shares of the company’s stock valued at $1,792,000 after purchasing an additional 268,007 shares in the last quarter. Amundi increased its holdings in shares of Nextdoor by 16.9% in the first quarter. Amundi now owns 203,999 shares of the company’s stock worth $286,000 after purchasing an additional 29,435 shares during the period. Quantinno Capital Management LP increased its holdings in shares of Nextdoor by 177.5% in the first quarter. Quantinno Capital Management LP now owns 30,737 shares of the company’s stock worth $43,000 after purchasing an additional 19,661 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Nextdoor by 4.3% in the first quarter. Bank of New York Mellon Corp now owns 542,691 shares of the company’s stock worth $760,000 after buying an additional 22,462 shares in the last quarter. Institutional investors own 35.66% of the company’s stock.

About Nextdoor

Nextdoor Holdings, Inc operates Nextdoor, a social networking platform designed to connect people with others in their local communities. The platform enables verified neighbors to share recommendations, local news, safety information, event announcements, alerts, and other community updates.

In addition to its consumer platform, Nextdoor provides tools for local businesses, public agencies, nonprofit organizations, and other community organizations. These users can create business or agency pages, communicate with nearby residents, promote products and services, and distribute relevant information.