ARK Investment Management LLC Trims Stake in Nextdoor Holdings, Inc. (NYSE:KIND)

ARK Investment Management LLC lowered its position in shares of Nextdoor Holdings, Inc. (NYSE:KIND - Free Report) by 19.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,898,861 shares of the company's stock after selling 1,714,439 shares during the period. ARK Investment Management LLC owned approximately 1.82% of Nextdoor worth $17,109,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. XTX Topco Ltd purchased a new stake in shares of Nextdoor in the 2nd quarter worth $28,000. Creative Planning purchased a new stake in shares of Nextdoor in the 3rd quarter worth $28,000. Ground Swell Capital LLC purchased a new stake in shares of Nextdoor in the 2nd quarter worth $30,000. Xponance Inc. purchased a new stake in shares of Nextdoor in the 2nd quarter worth $31,000. Finally, nVerses Capital LLC purchased a new stake in shares of Nextdoor in the 2nd quarter worth $49,000. Institutional investors own 35.66% of the company's stock.

Nextdoor Stock Performance

Shares of KIND traded down $0.25 during midday trading on Friday, hitting $2.59. 8,258,295 shares of the company traded hands, compared to its average volume of 1,580,847. The firm has a 50 day moving average of $2.44 and a 200-day moving average of $2.49. Nextdoor Holdings, Inc. has a 52 week low of $1.32 and a 52 week high of $2.99. The stock has a market cap of $982.06 million, a price-to-earnings ratio of -7.46 and a beta of 1.08.

Nextdoor (NYSE:KIND - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. Nextdoor had a negative net margin of 65.63% and a negative return on equity of 22.69%. The business had revenue of $63.29 million during the quarter, compared to the consensus estimate of $58.80 million. Sell-side analysts predict that Nextdoor Holdings, Inc. will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextdoor

In other Nextdoor news, General Counsel Sophia Schwartz sold 17,529 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $2.58, for a total transaction of $45,224.82. Following the completion of the transaction, the general counsel now owns 304,666 shares of the company's stock, valued at $786,038.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 46.04% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on KIND shares. Morgan Stanley increased their price target on Nextdoor from $2.20 to $2.50 and gave the stock an "equal weight" rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group increased their price target on Nextdoor from $2.50 to $3.00 and gave the stock a "neutral" rating in a research note on Thursday.

About Nextdoor

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.