Nextdoor Holdings, Inc. (NYSE:KIND) Sees Large Decline in Short Interest

Nextdoor Holdings, Inc. (NYSE:KIND) was the recipient of a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 4,750,000 shares, a decrease of 7.4% from the July 15th total of 5,130,000 shares. Based on an average daily volume of 1,880,000 shares, the days-to-cover ratio is presently 2.5 days. Currently, 2.9% of the shares of the company are sold short.

Wall Street Analyst Weigh In

KIND has been the topic of several analyst reports. The Goldman Sachs Group boosted their price target on shares of Nextdoor from $2.25 to $2.50 and gave the company a “neutral” rating in a report on Thursday, May 9th. Morgan Stanley upped their target price on shares of Nextdoor from $2.20 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd.

Nextdoor Stock Performance

KIND opened at $2.49 on Wednesday. The firm’s 50-day simple moving average is $2.66 and its 200-day simple moving average is $2.32. Nextdoor has a twelve month low of $1.32 and a twelve month high of $2.99. The firm has a market cap of $971.80 million, a price-to-earnings ratio of -6.92 and a beta of 1.10.

Institutional Investors Weigh In On Nextdoor

A number of hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC grew its holdings in Nextdoor by 3.6% during the 2nd quarter. Algert Global LLC now owns 462,321 shares of the company’s stock worth $1,285,000 after acquiring an additional 16,241 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Nextdoor during the 2nd quarter worth about $84,000. The Manufacturers Life Insurance Company grew its holdings in Nextdoor by 14.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 68,852 shares of the company’s stock worth $191,000 after acquiring an additional 8,546 shares during the last quarter. Millennium Management LLC grew its holdings in Nextdoor by 59.7% during the 2nd quarter. Millennium Management LLC now owns 1,406,953 shares of the company’s stock worth $3,911,000 after acquiring an additional 526,108 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in Nextdoor during the 2nd quarter worth about $333,000. Institutional investors own 35.66% 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.