Nextdoor (NYSE:KIND) Shares Gap Down – Here’s Why

Nextdoor Holdings, Inc. (NYSE:KIND)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $2.47, but opened at $2.40. Nextdoor shares last traded at $2.39, with a volume of 158,658 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley increased their price objective on Nextdoor from $2.20 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd.

Nextdoor Stock Up 3.3 %

The business has a 50-day simple moving average of $2.43 and a two-hundred day simple moving average of $2.49. The stock has a market capitalization of $949.78 million, a price-to-earnings ratio of -6.58 and a beta of 1.08.

Nextdoor (NYSE:KIND) last announced its earnings results on Wednesday, August 7th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. Nextdoor had a negative return on equity of 22.69% and a negative net margin of 65.63%. The business had revenue of $63.29 million during the quarter, compared to analysts’ expectations of $58.80 million. On average, analysts forecast that Nextdoor Holdings, Inc. will post -0.23 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Sophia Schwartz sold 17,529 shares of Nextdoor stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $2.58, for a total value of $45,224.82. Following the transaction, the general counsel now directly owns 304,666 shares in the company, valued at $786,038.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 46.04% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Nextdoor by 18.5% in the first quarter. Vanguard Group Inc. now owns 16,196,377 shares of the company’s stock worth $36,442,000 after acquiring an additional 2,529,694 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Nextdoor by 21.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,698,259 shares of the company’s stock worth $26,321,000 after purchasing an additional 2,058,131 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Nextdoor during the 2nd quarter valued at about $4,327,000. Dimensional Fund Advisors LP lifted its holdings in shares of Nextdoor by 172.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,218,808 shares of the company’s stock valued at $3,388,000 after buying an additional 770,858 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Nextdoor by 59.7% in the 2nd quarter. Millennium Management LLC now owns 1,406,953 shares of the company’s stock valued at $3,911,000 after buying an additional 526,108 shares in the last quarter. 35.66% of the stock is currently owned by institutional investors and hedge funds.

Nextdoor Company Profile

Nextdoor Holdings, Inc operates a neighborhood network that connects neighbors, businesses, and public services in the United States and internationally. The company enables neighbors and organizations to get information, give and get help, and build connections. It also offers advertising solutions, designs to generate value for businesses for connection and sales expansion.