Nextdoor (NYSE:NXDR) Trading 9.7% Higher – Time to Buy?

Nextdoor Holdings, Inc. (NYSE:NXDR) shares were up 9.7% during trading on Thursday . The stock traded as high as $2.24 and last traded at $2.2150. Approximately 1,405,019 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 3,529,985 shares. The stock had previously closed at $2.02.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NXDR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nextdoor in a research report on Tuesday, April 14th. Citigroup cut 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. Wall Street Zen raised shares of Nextdoor from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $2.25 price objective on shares of Nextdoor in a research report on Thursday, May 7th. Finally, B. Riley Financial reiterated a “neutral” rating on shares of Nextdoor in a research note on Thursday, February 19th. Three investment 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.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $2.18.

Nextdoor Trading Up 7.7%

The company has a 50-day moving average of $1.71. The firm has a market cap of $829.52 million, a PE ratio of -19.77 and a beta of 1.38.

Nextdoor (NYSE:NXDR) last announced its earnings results on Wednesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $61.67 million for the quarter. As a group, sell-side analysts predict that Nextdoor Holdings, Inc. will post -0.09 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Nextdoor during the 4th quarter worth approximately $24,990,000. Amova Asset Management Americas Inc. bought a new stake in shares of Nextdoor during the 4th quarter worth approximately $24,871,000. Ieq Capital LLC bought a new stake in shares of Nextdoor during the 4th quarter worth approximately $19,986,000. ARK Investment Management LLC bought a new stake in shares of Nextdoor during the 4th quarter worth approximately $16,335,000. Finally, Geode Capital Management LLC bought a new stake in shares of Nextdoor during the 4th quarter worth approximately $11,083,000. 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.