Sumitomo Mitsui Trust Group Inc. Sells 1,224,410 Shares of Nextdoor Holdings, Inc. (NYSE:KIND)

Sumitomo Mitsui Trust Group Inc. lowered its stake in Nextdoor Holdings, Inc. (NYSE:KIND) by 11.0% during the third quarter, according to the company in its most recent Form 13F 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.’s holdings in Nextdoor were worth $24,514,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. XTX Topco Ltd bought a new position in shares of Nextdoor during the second quarter worth about $28,000. Creative Planning bought a new position in shares of Nextdoor during the 3rd quarter worth approximately $28,000. Ground Swell Capital LLC bought a new stake in shares of Nextdoor in the second quarter worth $30,000. Xponance Inc. acquired a new position in Nextdoor during the second quarter worth $31,000. Finally, nVerses Capital LLC bought a new position in Nextdoor in the second quarter valued at $49,000. Institutional investors and hedge funds own 35.66% of the company’s stock.

Nextdoor Price Performance

Shares of KIND stock opened at $2.37 on Friday. The stock has a market cap of $900.38 million, a P/E ratio of -7.41 and a beta of 1.08. The company has a fifty day moving average price of $2.46 and a two-hundred day moving average price of $2.51. Nextdoor Holdings, Inc. has a one year low of $1.32 and a one year high of $2.99.

Nextdoor (NYSE:KIND) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $65.61 million during the quarter, compared to analysts’ expectations of $62.10 million. During the same quarter last year, the company posted ($0.10) earnings per share. As a group, equities research analysts anticipate that Nextdoor Holdings, Inc. will post -0.22 EPS for the current fiscal year.

Analyst Ratings Changes

KIND has been the topic of several analyst reports. The Goldman Sachs Group boosted their price target on shares of Nextdoor from $2.50 to $3.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Morgan Stanley increased their price target on Nextdoor from $2.20 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd.

Insider Buying and Selling at Nextdoor

In other news, General Counsel Sophia Schwartz sold 17,529 shares of the stock in a transaction that occurred 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 transaction, the general counsel now owns 304,666 shares in the company, valued at approximately $786,038.28. This trade represents a 5.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.