Nextdoor (NYSE:KIND) Shares Gap Down - Should You Sell?

Nextdoor Holdings, Inc. (NYSE:KIND - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $2.49, but opened at $2.21. Nextdoor shares last traded at $1.92, with a volume of 967,622 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group reduced their target price on Nextdoor from $3.00 to $2.50 and set a "neutral" rating on the stock in a research note on Monday. Craig Hallum assumed coverage on Nextdoor in a research note on Thursday, January 30th. They set a "buy" rating and a $4.00 target price on the stock.

Nextdoor Price Performance

The stock has a market capitalization of $647.73 million, a PE ratio of -5.30 and a beta of 1.07. The company has a 50 day moving average price of $2.50 and a 200-day moving average price of $2.48.

Nextdoor (NYSE:KIND - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). Nextdoor had a negative return on equity of 19.42% and a negative net margin of 53.23%. The firm had revenue of $65.23 million for the quarter, compared to analysts' expectations of $63.12 million. As a group, equities analysts anticipate that Nextdoor Holdings, Inc. will post -0.22 earnings per share for the current year.

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Institutional Investors Weigh In On Nextdoor

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Nextdoor by 6.3% during the fourth quarter. Vanguard Group Inc. now owns 17,609,806 shares of the company's stock valued at $41,735,000 after purchasing an additional 1,041,258 shares in the last quarter. Cannell Capital LLC boosted its position in shares of Nextdoor by 8.4% during the fourth quarter. Cannell Capital LLC now owns 6,733,574 shares of the company's stock valued at $15,959,000 after purchasing an additional 524,342 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Nextdoor by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 4,258,509 shares of the company's stock valued at $10,095,000 after purchasing an additional 215,781 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Nextdoor by 98.2% during the fourth quarter. Renaissance Technologies LLC now owns 3,967,200 shares of the company's stock valued at $9,402,000 after purchasing an additional 1,965,300 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Nextdoor by 1.3% during the third quarter. State Street Corp now owns 3,568,959 shares of the company's stock valued at $8,851,000 after purchasing an additional 46,595 shares in the last quarter. 35.66% of the stock is currently owned by institutional investors.

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.