Nextdoor (NYSE:KIND) Shares Down 9.5% - Here's What Happened

Nextdoor Holdings, Inc. (NYSE:KIND - Get Free Report)'s share price traded down 9.5% on Friday . The company traded as low as $2.48 and last traded at $2.57. 971,411 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 1,547,266 shares. The stock had previously closed at $2.84.Wall Street Analysts Forecast GrowthSeveral equities research analysts recently issued reports on KIND shares. Morgan Stanley lifted their price objective on Nextdoor from $2.20 to $2.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 23rd. The Goldman Sachs Group raised their price objective on Nextdoor from $2.50 to $3.00 and gave the company a "neutral" rating in a report on Thursday.View Our Latest Research Report on KINDNextdoor Price PerformanceThe stock has a market cap of $957.37 million, a price-to-earnings ratio of -7.46 and a beta of 1.08. The firm has a fifty day moving average of $2.44 and a 200 day moving average of $2.49. Nextdoor (NYSE:KIND - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. Nextdoor had a negative net margin of 65.63% and a negative return on equity of 22.69%. The firm had revenue of $63.29 million for the quarter, compared to analysts' expectations of $58.80 million. Research analysts anticipate that Nextdoor Holdings, Inc. will post -0.23 earnings per share for the current fiscal year. Insider Buying and Selling at NextdoorIn other Nextdoor 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 transaction of $45,224.82. Following the completion of the sale, the general counsel now owns 304,666 shares of the company's stock, valued at $786,038.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 46.04% of the stock is currently owned by company insiders. Institutional Investors Weigh In On NextdoorInstitutional investors and hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd purchased a new position in shares of Nextdoor in the second quarter valued at approximately $28,000. Creative Planning purchased a new stake in shares of Nextdoor during the third quarter worth $28,000. Ground Swell Capital LLC acquired a new stake in shares of Nextdoor in the second quarter valued at $30,000. Xponance Inc. purchased a new position in Nextdoor in the second quarter valued at $31,000. Finally, nVerses Capital LLC acquired a new position in Nextdoor during the 2nd quarter worth $49,000. 35.66% of the stock is owned by hedge funds and other institutional investors. About Nextdoor (Get Free Report)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.See AlsoFive stocks we like better than NextdoorShort Selling: How to Short a StockDot Ai IPO: CEO Ed Nabrotzky Shares Vision for Logistics FutureAbout the Markup CalculatorThe Hottest Markets to Watch After the Fed’s 25 Bps Rate Cut2 Fintech Stocks to Buy Now and 1 to AvoidThe Top 5 Performing S&P 500 Stocks YTD in 2024This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.→ Did you miss 1000% bitcoin gains? (From DTI) (Ad)Should you invest $1,000 in Nextdoor right now?Before you consider Nextdoor, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Nextdoor wasn't on the list.While Nextdoor currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here