Nextdoor (NYSE:KIND) Given New $2.50 Price Target at Morgan Stanley

Nextdoor (NYSE:KIND) had its target price hoisted by investment analysts at Morgan Stanley from $2.20 to $2.50 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential downside of 14.97% from the company’s current price.

Separately, The Goldman Sachs Group boosted their price target on shares of Nextdoor from $2.25 to $2.50 and gave the stock a “neutral” rating in a research note on Thursday, May 9th.

Nextdoor Trading Up 1.4 %

Nextdoor stock traded up $0.04 during mid-day trading on Tuesday, hitting $2.94. The stock had a trading volume of 798,449 shares, compared to its average volume of 1,700,765. Nextdoor has a one year low of $1.32 and a one year high of $3.15. The firm has a market capitalization of $1.15 billion, a P/E ratio of -8.19 and a beta of 1.10. The firm’s 50 day moving average is $2.57 and its 200 day moving average is $2.17.

Nextdoor (NYSE:KIND) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. Nextdoor had a negative return on equity of 23.84% and a negative net margin of 64.19%. The firm had revenue of $53.15 million during the quarter, compared to analyst estimates of $50.90 million. As a group, equities research analysts forecast that Nextdoor will post -0.24 earnings per share for the current year.

Hedge Funds Weigh In On Nextdoor

Several institutional investors have recently bought and sold shares of KIND. ARK Investment Management LLC raised its position in shares of Nextdoor by 56.7% during the 4th quarter. ARK Investment Management LLC now owns 10,787,494 shares of the company’s stock valued at $20,388,000 after buying an additional 3,901,481 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of 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 purchasing an additional 2,529,694 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its holdings in shares of Nextdoor by 21.3% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 11,698,259 shares of the company’s stock worth $26,321,000 after purchasing an additional 2,058,131 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Nextdoor by 21.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,698,259 shares of the company’s stock valued at $26,321,000 after purchasing an additional 2,058,131 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in Nextdoor by 1,753.5% during the 4th quarter. SG Americas Securities LLC now owns 787,271 shares of the company’s stock valued at $1,488,000 after buying an additional 744,796 shares during the period. 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.