Nextdoor Holdings, Inc. (NYSE:NXDR – Get Free Report) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $2.31, but opened at $2.52. Nextdoor shares last traded at $2.60, with a volume of 1,433,905 shares changing hands.
The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.01. The firm had revenue of $74.55 million during the quarter, compared to analysts’ expectations of $72.10 million. Nextdoor had a negative net margin of 16.47% and a negative return on equity of 9.22%.
Analyst Ratings Changes
A number of research analysts recently weighed in on the company. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $2.25 price objective on shares of Nextdoor in a report on Thursday, May 7th. Wall Street Zen raised shares of Nextdoor from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nextdoor in a report on Friday, July 10th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $2.17.
Insiders Place Their Bets
In other news, General Counsel Sophia Schwartz sold 28,616 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $2.25, for a total value of $64,386.00. Following the completion of the transaction, the general counsel owned 307,757 shares in the company, valued at $692,453.25. This trade represents a 8.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 33.46% of the company’s stock.
Hedge Funds Weigh In On Nextdoor
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Byrne Asset Management LLC lifted its holdings in shares of Nextdoor by 12.3% in the second quarter. Byrne Asset Management LLC now owns 145,600 shares of the company’s stock valued at $331,000 after purchasing an additional 16,000 shares in the last quarter. Amundi raised its position in shares of Nextdoor by 16.9% during the 1st quarter. Amundi now owns 203,999 shares of the company’s stock worth $286,000 after purchasing an additional 29,435 shares during the last quarter. Quantinno Capital Management LP grew its holdings in Nextdoor by 177.5% during the 1st quarter. Quantinno Capital Management LP now owns 30,737 shares of the company’s stock valued at $43,000 after buying an additional 19,661 shares during the last quarter. Renaissance Technologies LLC increased its position in Nextdoor by 4.7% during the first quarter. Renaissance Technologies LLC now owns 3,112,000 shares of the company’s stock worth $4,357,000 after buying an additional 139,661 shares in the last quarter. Finally, GC Wealth Management RIA LLC raised its holdings in shares of Nextdoor by 72.9% in the first quarter. GC Wealth Management RIA LLC now owns 46,617 shares of the company’s stock worth $65,000 after acquiring an additional 19,649 shares during the last quarter. Institutional investors and hedge funds own 35.66% of the company’s stock.
Nextdoor Price Performance
The company has a market cap of $976.35 million, a price-to-earnings ratio of -23.27 and a beta of 1.36. The company’s 50-day simple moving average is $2.23.
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.
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