Short Interest in Nextdoor Holdings, Inc. (NYSE:KIND) Drops By 5.5%

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

Wall Street Analysts Forecast Growth

KIND has been the subject of several research analyst reports. Morgan Stanley boosted their target price on Nextdoor from $2.20 to $2.50 and gave the stock 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 stock a “neutral” rating in a research report on Thursday, November 7th.

Nextdoor Stock Performance

Shares of KIND opened at $2.37 on Monday. The stock has a market capitalization of $900.39 million, a price-to-earnings ratio of -7.41 and a beta of 1.08. Nextdoor has a 52 week low of $1.32 and a 52 week high of $2.99. The stock has a fifty day moving average of $2.46 and a 200-day moving average of $2.51.

Nextdoor (NYSE:KIND) last posted its earnings results on Wednesday, November 6th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate 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 period last year, the company earned ($0.10) earnings per share. As a group, equities analysts forecast that Nextdoor will post -0.22 EPS for the current year.

Insider Buying and Selling

In other news, General Counsel Sophia Schwartz sold 17,529 shares of the business’s stock in a transaction 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 completion of the transaction, the general counsel now owns 304,666 shares of the company’s stock, valued at approximately $786,038.28. The trade was a 5.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 46.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nextdoor

A number of institutional investors have recently added to or reduced their stakes in KIND. The Manufacturers Life Insurance Company lifted its holdings in shares of Nextdoor by 14.2% during the second quarter. The Manufacturers Life Insurance Company now owns 68,852 shares of the company’s stock worth $191,000 after purchasing an additional 8,546 shares during the period. Price T Rowe Associates Inc. MD raised its position in Nextdoor by 28.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 43,779 shares of the company’s stock worth $99,000 after purchasing an additional 9,689 shares during the last quarter. XTX Topco Ltd acquired a new position in Nextdoor during the 2nd quarter worth about $28,000. Ground Swell Capital LLC bought a new stake in shares of Nextdoor in the 2nd quarter valued at about $30,000. Finally, Xponance Inc. acquired a new stake in shares of Nextdoor in the second quarter valued at about $31,000. 35.66% of the stock is owned by 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.