Nextdoor (NYSE:KIND) Downgraded to Underweight Rating by Morgan Stanley

Morgan Stanley downgraded shares of Nextdoor (NYSE:KIND) from an equal weight rating to an underweight rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has $1.10 price target on the stock.

A number of other research analysts also recently weighed in on KIND. Craig Hallum initiated coverage on Nextdoor in a report on Thursday, January 30th. They issued a “buy” rating and a $4.00 target price on the stock. The Goldman Sachs Group reduced their price target on Nextdoor from $2.50 to $1.75 and set a “neutral” rating for the company in a research report on Monday, April 14th.

Nextdoor Stock Performance

KIND stock opened at $1.40 on Tuesday. Nextdoor has a fifty-two week low of $1.32 and a fifty-two week high of $3.00. The business’s 50-day moving average is $1.53 and its two-hundred day moving average is $2.15. The company has a market cap of $538.89 million, a price-to-earnings ratio of -4.36 and a beta of 1.16.

Nextdoor (NYSE:KIND) last posted its earnings results on Wednesday, May 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 return on equity of 19.42% and a negative net margin of 53.23%. The company had revenue of $54.18 million for the quarter, compared to the consensus estimate of $53.14 million. Equities analysts predict that Nextdoor will post -0.22 earnings per share for the current year.

Insiders Place Their Bets

In other Nextdoor news, General Counsel Sophia Schwartz sold 15,000 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $1.72, for a total value of $25,800.00. Following the completion of the sale, the general counsel now owns 267,445 shares in the company, valued at $460,005.40. This represents a 5.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 46.04% of the company’s stock.

Institutional Trading of Nextdoor

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its stake in Nextdoor by 16.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,633,369 shares of the company’s stock valued at $3,871,000 after purchasing an additional 227,208 shares during the period. Cornerstone Partners Capital Management LLC grew its holdings in Nextdoor by 83.9% during the 4th quarter. Cornerstone Partners Capital Management LLC now owns 586,522 shares of the company’s stock valued at $1,390,000 after buying an additional 267,527 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Nextdoor by 62.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 725,345 shares of the company’s stock valued at $1,799,000 after buying an additional 278,185 shares in the last quarter. MetLife Investment Management LLC grew its holdings in Nextdoor by 41.3% during the 4th quarter. MetLife Investment Management LLC now owns 105,706 shares of the company’s stock valued at $251,000 after buying an additional 30,908 shares in the last quarter. Finally, Cannell Capital LLC grew its holdings in Nextdoor by 8.4% during the 4th quarter. Cannell Capital LLC now owns 6,733,574 shares of the company’s stock valued at $15,959,000 after buying an additional 524,342 shares in the last quarter. Institutional investors 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.