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

Nextdoor Holdings, Inc. (NYSE:KIND) saw a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 4,750,000 shares, a drop 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 short-interest ratio is presently 2.5 days. Approximately 2.9% of the shares of the stock are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Nextdoor by 18.5% during the 1st quarter. Vanguard Group Inc. now owns 16,196,377 shares of the company’s stock worth $36,442,000 after buying an additional 2,529,694 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Nextdoor by 21.3% in the first quarter. Sumitomo Mitsui Trust Holdings 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 last quarter. Nikko Asset Management Americas Inc. raised its stake in shares of Nextdoor by 21.3% in the first 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 last quarter. Flight Deck Capital LP raised its stake in shares of Nextdoor by 2.2% in the fourth quarter. Flight Deck Capital LP now owns 2,369,607 shares of the company’s stock worth $4,479,000 after purchasing an additional 51,237 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Nextdoor by 12.4% in the second quarter. Renaissance Technologies LLC now owns 1,814,300 shares of the company’s stock worth $5,044,000 after purchasing an additional 200,500 shares during the last quarter. 35.66% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on KIND. Morgan Stanley boosted their price objective on Nextdoor from $2.20 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group boosted their price objective on Nextdoor from $2.25 to $2.50 and gave the stock a “neutral” rating in a research report on Thursday, May 9th.

Nextdoor Price Performance

Shares of NYSE:KIND opened at $2.49 on Wednesday. The company has a market capitalization of $971.80 million, a price-to-earnings ratio of -6.92 and a beta of 1.10. The business’s 50-day moving average is $2.66 and its 200-day moving average is $2.32. Nextdoor has a 1 year low of $1.32 and a 1 year high of $2.99.

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.