Nextdoor (NYSE:NXDR) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Nextdoor (NYSE:NXDR) posted its earnings results on Tuesday. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01, Zacks reports. Nextdoor had a negative net margin of 16.47% and a negative return on equity of 9.22%.

Nextdoor Trading Up 1.5%

Shares of NXDR stock traded up $0.04 during trading hours on Tuesday, hitting $2.31. 2,617,183 shares of the company’s stock were exchanged, compared to its average volume of 3,290,267. Nextdoor has a 52 week low of $1.33 and a 52 week high of $3.72. The firm has a market cap of $879.10 million, a PE ratio of -20.95 and a beta of 1.36. The company has a 50-day moving average price of $2.23.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Nextdoor from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. The Goldman Sachs Group reiterated a “neutral” rating and set a $2.25 target price on shares of Nextdoor in a research report on Thursday, May 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Nextdoor in a report on Friday, July 10th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $2.17.

Insider Activity

In related news, General Counsel Sophia Schwartz sold 28,616 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $2.25, for a total transaction of $64,386.00. Following the transaction, the general counsel owned 307,757 shares in the company, valued at $692,453.25. This represents a 8.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.46% of the stock is 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. HighTower Advisors LLC bought a new position in shares of Nextdoor in the fourth quarter worth about $33,000. Geode Capital Management LLC bought a new stake in shares of Nextdoor during the fourth quarter valued at approximately $11,083,000. Intech Investment Management LLC acquired a new stake in shares of Nextdoor in the fourth quarter valued at approximately $145,000. Goldman Sachs Group Inc. acquired a new stake in shares of Nextdoor in the fourth quarter valued at approximately $2,249,000. Finally, CIBC Asset Management Inc bought a new position in Nextdoor in the 4th quarter worth approximately $60,000. Institutional investors and hedge funds 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.