Sumitomo Mitsui Trust Group Inc. Reduces Holdings in Nextdoor Holdings, Inc. (NYSE:KIND)

Sumitomo Mitsui Trust Group Inc. lowered its stake in Nextdoor Holdings, Inc. (NYSE:KIND - Free Report) by 11.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,884,761 shares of the company's stock after selling 1,224,410 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 2.60% of Nextdoor worth $24,514,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of KIND. Vanguard Group Inc. grew its holdings in shares of Nextdoor by 18.5% during the first quarter. Vanguard Group Inc. now owns 16,196,377 shares of the company's stock worth $36,442,000 after buying an additional 2,529,694 shares in the last quarter. Millennium Management LLC grew its stake in Nextdoor by 59.7% in the 2nd quarter. Millennium Management LLC now owns 1,406,953 shares of the company's stock worth $3,911,000 after acquiring an additional 526,108 shares during the period. Cornerstone Partners Capital Management LLC purchased a new stake in Nextdoor in the 3rd quarter worth approximately $791,000. Renaissance Technologies LLC raised its holdings in Nextdoor by 12.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,814,300 shares of the company's stock valued at $5,044,000 after acquiring an additional 200,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Nextdoor by 172.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,218,808 shares of the company's stock worth $3,388,000 after purchasing an additional 770,858 shares during the period. Institutional investors and hedge funds own 35.66% of the company's stock.

Nextdoor Stock Down 2.9 %

Shares of NYSE KIND traded down $0.07 during trading on Friday, hitting $2.37. 2,006,764 shares of the company traded hands, compared to its average volume of 1,977,191. The firm has a market capitalization of $900.39 million, a P/E ratio of -7.41 and a beta of 1.08. The company has a 50-day moving average price of $2.46 and a 200-day moving average price of $2.51. Nextdoor Holdings, Inc. has a 1 year low of $1.32 and a 1 year high of $2.99.

Nextdoor (NYSE:KIND - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. The firm had revenue of $65.61 million during the quarter, compared to the consensus estimate of $62.10 million. Nextdoor had a negative return on equity of 19.42% and a negative net margin of 53.23%. During the same quarter in the previous year, the business earned ($0.10) earnings per share. Research analysts predict that Nextdoor Holdings, Inc. will post -0.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on KIND shares. Morgan Stanley upped their target price on Nextdoor from $2.20 to $2.50 and gave the company an "equal weight" rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group upped their price objective on shares of Nextdoor from $2.50 to $3.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th.

Insider Buying and Selling

In other Nextdoor news, General Counsel Sophia Schwartz sold 17,529 shares of the business's stock in a transaction that occurred 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 completion of the sale, the general counsel now directly owns 304,666 shares in the company, valued at $786,038.28. The trade was a 5.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 46.04% of the company's stock.

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.