The Goldman Sachs Group Forecasts Strong Price Appreciation for Nextdoor (NYSE:KIND) Stock

Nextdoor (NYSE:KIND) had its target price upped by The Goldman Sachs Group from $2.50 to $3.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 4.17% from the stock’s previous close.

Separately, Morgan Stanley lifted their price objective on shares of Nextdoor from $2.20 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd.

Nextdoor Stock Performance

Shares of KIND traded up $0.29 during midday trading on Thursday, hitting $2.88. The company had a trading volume of 1,702,419 shares, compared to its average volume of 1,539,370. Nextdoor has a 1 year low of $1.32 and a 1 year high of $2.99. The firm has a market capitalization of $1.09 billion, a P/E ratio of -7.61 and a beta of 1.08. The company’s 50-day simple moving average is $2.44 and its 200-day simple moving average is $2.49.

Nextdoor (NYSE:KIND) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.06) earnings per share (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 company had revenue of $63.29 million during the quarter, compared to the consensus estimate of $58.80 million. Equities analysts predict that Nextdoor will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Sophia Schwartz sold 17,529 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $2.58, for a total value of $45,224.82. Following the completion of 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 document filed with the SEC, which is available through this hyperlink. 46.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nextdoor

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Nextdoor by 18.5% in the 1st quarter. Vanguard Group Inc. now owns 16,196,377 shares of the company’s stock valued at $36,442,000 after buying an additional 2,529,694 shares during the period. Renaissance Technologies LLC increased its position in Nextdoor by 12.4% during the 2nd quarter. Renaissance Technologies LLC now owns 1,814,300 shares of the company’s stock worth $5,044,000 after purchasing an additional 200,500 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Nextdoor during the second quarter valued at approximately $4,327,000. Millennium Management LLC grew its holdings in Nextdoor by 59.7% in the 2nd quarter. Millennium Management LLC now owns 1,406,953 shares of the company’s stock valued at $3,911,000 after buying an additional 526,108 shares during the period. Finally, Dimensional Fund Advisors LP grew 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 valued at $3,388,000 after buying an additional 770,858 shares during the period. 35.66% of the stock is owned by hedge funds and other institutional investors.

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.