Sumitomo Mitsui Trust Group Inc. Decreases Stock Position in Nextdoor Holdings, Inc. (NYSE:KIND)

Sumitomo Mitsui Trust Group Inc. lessened its stake in Nextdoor Holdings, Inc. (NYSE:KIND) by 4.6% in the first quarter, Holdings Channel reports. The fund owned 8,500,546 shares of the company’s stock after selling 407,294 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Nextdoor were worth $13,006,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Nextdoor by 123.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,803 shares of the company’s stock valued at $39,000 after buying an additional 14,251 shares during the last quarter. Mackenzie Financial Corp purchased a new position in shares of Nextdoor during the 4th quarter valued at approximately $382,000. Public Employees Retirement System of Ohio purchased a new position in shares of Nextdoor during the 4th quarter valued at approximately $193,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Nextdoor by 38.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 466,072 shares of the company’s stock valued at $1,105,000 after buying an additional 128,511 shares during the last quarter. Finally, Wexford Capital LP purchased a new position in shares of Nextdoor during the 4th quarter valued at approximately $474,000. Hedge funds and other institutional investors own 35.66% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. B. Riley assumed coverage on Nextdoor in a research note on Wednesday, June 25th. They set a “neutral” rating and a $2.00 target price for the company. Morgan Stanley cut Nextdoor from an “equal weight” rating to an “underweight” rating and set a $1.10 target price for the company. in a research note on Tuesday, May 13th. Finally, The Goldman Sachs Group reduced their target price on Nextdoor from $2.50 to $1.75 and set a “neutral” rating for the company in a research note on Monday, April 14th.

Nextdoor Price Performance

Shares of KIND opened at $1.62 on Friday. The business’s fifty day moving average price is $1.53 and its 200 day moving average price is $1.90. Nextdoor Holdings, Inc. has a 12-month low of $1.32 and a 12-month high of $3.00. The stock has a market capitalization of $619.79 million, a PE ratio of -6.75 and a beta of 1.19.

Nextdoor (NYSE:KIND) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. Nextdoor had a negative return on equity of 15.75% and a negative net margin of 36.95%. The firm had revenue of $54.18 million for the quarter, compared to analysts’ expectations of $53.14 million. As a group, research analysts anticipate that Nextdoor Holdings, Inc. will post -0.22 earnings per share for the current fiscal 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.