Nextdoor Holdings, Inc. (NYSE:KIND) Short Interest Down 5.5% in October

Nextdoor Holdings, Inc. (NYSE:KIND) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 3,760,000 shares, a decline of 5.5% from the October 15th total of 3,980,000 shares. Based on an average trading volume of 1,340,000 shares, the short-interest ratio is currently 2.8 days. Currently, 2.0% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on KIND. The Goldman Sachs Group raised their price objective on Nextdoor from $2.50 to $3.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Morgan Stanley lifted their price objective 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.

Insider Transactions at Nextdoor

In related news, General Counsel Sophia Schwartz sold 17,529 shares of the firm’s stock in a transaction 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 owns 304,666 shares in the company, valued at $786,038.28. This trade represents a 5.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 46.04% of the company’s stock.

Hedge Funds Weigh In On Nextdoor

Several large investors have recently made changes to their positions in KIND. XTX Topco Ltd acquired a new position in Nextdoor in the 2nd quarter worth about $28,000. Ground Swell Capital LLC acquired a new stake in Nextdoor in the 2nd quarter valued at $30,000. Xponance Inc. purchased a new stake in Nextdoor in the 2nd quarter worth $31,000. Creative Planning acquired a new position in Nextdoor during the third quarter worth $28,000. Finally, nVerses Capital LLC purchased a new position in Nextdoor during the second quarter valued at $49,000. 35.66% of the stock is currently owned by institutional investors and hedge funds.

Nextdoor Stock Performance

Shares of KIND opened at $2.46 on Wednesday. The business’s 50-day moving average is $2.46 and its two-hundred day moving average is $2.52. The company has a market capitalization of $940.07 million, a P/E ratio of -7.69 and a beta of 1.08. Nextdoor has a fifty-two week low of $1.32 and a fifty-two week high of $2.99.

Nextdoor (NYSE:KIND) last posted its earnings results on Wednesday, November 6th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. Nextdoor had a negative return on equity of 19.42% and a negative net margin of 53.23%. The firm had revenue of $65.61 million for the quarter, compared to analyst estimates of $62.10 million. During the same period last year, the company earned ($0.10) earnings per share. Analysts forecast that Nextdoor will post -0.22 EPS for the current 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.