Nextdoor (NYSE:NXDR) Price Target Cut to $2.10 by Analysts at Citigroup

Nextdoor (NYSE:NXDR) had its price objective cut by Citigroup from $2.20 to $2.10 in a report released on Friday,Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also recently commented on NXDR. Weiss Ratings initiated coverage on Nextdoor in a research report on Thursday, January 15th. They set a “sell (d-)” rating for the company. B. Riley Financial reissued a “neutral” rating on shares of Nextdoor in a report on Thursday. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $2.10.

Nextdoor Stock Down 4.3%

Nextdoor stock opened at $1.67 on Friday. Nextdoor has a 1-year low of $1.32 and a 1-year high of $3.72. The firm has a market capitalization of $652.86 million, a P/E ratio of -11.89 and a beta of 1.18.

Nextdoor (NYSE:NXDR) last posted its quarterly earnings data on Wednesday, February 18th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $69.48 million during the quarter. Nextdoor had a negative net margin of 21.04% and a negative return on equity of 11.48%.

Insider Buying and Selling

In other Nextdoor news, General Counsel Sophia Schwartz sold 23,278 shares of Nextdoor stock in a transaction on Friday, January 16th. The shares were sold at an average price of $1.95, for a total transaction of $45,392.10. Following the completion of the transaction, the general counsel directly owned 286,587 shares of the company’s stock, valued at $558,844.65. The trade was a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Antoinette How sold 13,935 shares of the company’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $1.95, for a total transaction of $27,173.25. Following the completion of the transaction, the chief accounting officer owned 18,270 shares in the company, valued at approximately $35,626.50. This represents a 43.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 33.39% of the stock is currently owned by insiders.

Institutional Trading of Nextdoor

A number of hedge funds have recently modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. acquired a new position in Nextdoor in the 4th quarter valued at about $24,990,000. Amova Asset Management Americas Inc. bought a new stake in shares of Nextdoor during the fourth quarter worth approximately $24,871,000. Ieq Capital LLC acquired a new position in shares of Nextdoor in the fourth quarter valued at approximately $19,986,000. ARK Investment Management LLC bought a new position in shares of Nextdoor during the fourth quarter worth approximately $16,335,000. Finally, Geode Capital Management LLC acquired a new stake in Nextdoor during the 4th quarter worth approximately $11,083,000. Institutional investors and hedge funds own 35.66% of the company’s stock.

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.