Nextdoor (NYSE:KIND) Shares Gap Down - Here's What Happened

Nextdoor Holdings, Inc. (NYSE:KIND - Get Free Report)'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 changing hands.

Analyst Ratings Changes

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

Nextdoor Price Performance

The stock's 50-day simple moving average is $2.43 and its 200 day simple moving average is $2.48. The stock has a market capitalization of $919.38 million, a P/E ratio of -6.37 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, topping 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 firm had revenue of $63.29 million during the quarter, compared to analysts' expectations of $58.80 million. As a group, analysts expect that Nextdoor Holdings, Inc. will post -0.23 earnings per share for the current fiscal year.

Insider Transactions at Nextdoor

In other 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 transaction of $45,224.82. Following the completion of the sale, the general counsel now owns 304,666 shares of the company's stock, valued at approximately $786,038.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 46.04% of the company's stock.

Institutional Investors Weigh In On Nextdoor

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Nextdoor by 18.5% in the first quarter. Vanguard Group Inc. now owns 16,196,377 shares of the company's stock valued at $36,442,000 after purchasing an additional 2,529,694 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Nextdoor by 21.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,698,259 shares of the company's stock valued at $26,321,000 after purchasing an additional 2,058,131 shares in the last quarter. Renaissance Technologies LLC raised its stake in Nextdoor by 12.4% in the second quarter. Renaissance Technologies LLC now owns 1,814,300 shares of the company's stock valued at $5,044,000 after purchasing an additional 200,500 shares in the last quarter. Marshall Wace LLP acquired a new position in Nextdoor in the second quarter valued at about $4,327,000. Finally, Millennium Management LLC raised its stake in Nextdoor by 59.7% in the second quarter. Millennium Management LLC now owns 1,406,953 shares of the company's stock valued at $3,911,000 after purchasing an additional 526,108 shares in the last quarter. Institutional investors and hedge funds own 35.66% of the company's stock.

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.