Nextdoor (NYSE:KIND) Trading 13.1% Higher Following Analyst Upgrade

Shares of Nextdoor Holdings, Inc. (NYSE:KIND - Get Free Report) were up 13.1% on Thursday after The Goldman Sachs Group raised their price target on the stock from $2.50 to $3.00. The Goldman Sachs Group currently has a neutral rating on the stock. Nextdoor traded as high as $2.93 and last traded at $2.93. Approximately 1,847,883 shares were traded during mid-day trading, an increase of 20% from the average daily volume of 1,540,043 shares. The stock had previously closed at $2.59.

Separately, Morgan Stanley increased their target price on shares of Nextdoor from $2.20 to $2.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 23rd.

Insider Activity at Nextdoor

In related news, General Counsel Sophia Schwartz sold 17,529 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $2.58, for a total transaction of $45,224.82. Following the transaction, the general counsel now directly owns 304,666 shares of the company's stock, valued at $786,038.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 46.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in KIND. XTX Topco Ltd bought a new stake in shares of Nextdoor during the second quarter worth about $28,000. Ground Swell Capital LLC bought a new stake in Nextdoor during the 2nd quarter worth approximately $30,000. Xponance Inc. purchased a new stake in shares of Nextdoor in the second quarter worth approximately $31,000. Creative Planning bought a new position in shares of Nextdoor in the third quarter valued at approximately $28,000. Finally, nVerses Capital LLC bought a new stake in Nextdoor during the second quarter worth $49,000. Institutional investors own 35.66% of the company's stock.

Nextdoor Trading Up 9.5 %

The firm has a market capitalization of $1.08 billion, a PE ratio of -7.46 and a beta of 1.08. The business has a 50-day moving average of $2.44 and a 200 day moving average of $2.49.

Nextdoor (NYSE:KIND - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $63.29 million for the quarter, compared to analyst estimates of $58.80 million. On average, sell-side analysts expect that Nextdoor Holdings, Inc. will post -0.23 EPS for the current fiscal year.

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.