The American hyperlocal social networking services provider Nextdoor Holdings Inc. (NYSE: KIND) stock price is witnessing an up move. Multiple indicators showcased the rally of KIND stock in the past several months.
There is neither company specific news related to Nextdoor Holdings nor anything related to the social networking sector which is pushing the price upwards.
Though the launch of Threads, an Instagram app from social networking giant Meta and its massive success in terms of downloads has taken the market by storm, it is still unclear if the instance is generating the momentum for KIND stock price.
Currently, KIND stock price is trading at $3.23 with a slight 0.62% gain in the last intraday trading session on Friday, July 14, 2023. Attaining the level, the stock price is at its yearly high with an increase of over 56% year-to-date.
The year 2023 is turning out relatively optimistic for Nextdoor Holdings, given KIND stock price has been consistently in the downtrend for months during the past years.
KIND stock was listed on the New York Stock Exchange (NYSE) in March 2021 and the price at the time was $10. Later that year, the stock price attained its all time high of $18. It was the last time when the stock traded at the price, after which it started falling down.
The falling continued for months to come, and the KIND stock price attained its lowest at around $1.8 in December, 2022. Similar price levels were also noted in March this year before the surge when the Nextdoor share price rose more than 75% in the last four months.
KIND stock price is in the up move since March, 2023, following the earnings reporting positive financials. For 2022, Nextdoor revenue was $212.7 Million, a rise of over 10% year over year. The earnings per share (EPS) was $0.36, up by 44% from the previous year.
The stock price holds a strong support at $1.8 and an immediate support at $2.8. Its current price is above 200-days EMA, suggesting a bullish trend. If the momentum continues, KIND stock has $4 as resistance to break and attain a 52-week high.
VC Firms and Institutional Investors Interested in Nextdoor
Simply, the Wall Street ownership breakdown of Nextdoor Holdings shares data shows the venture capital and private equity firms hold a major chunk in the company of about 30%. The shareholdings are then followed by institutional investors with 29.2%.
Majority shareholdings in a company acts as a double-edge sword.It gives investors an advantage to help in making more profits when the stock price goes up, and to face the worst when price goes down.
Prominent credit rating agency, Wells Fargo, gave Nextdoor Holdings stock rating of “hold” with a price target of $3.50. Tipranks rating for HIDE stock were similar.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/17/nextdoor-holdings-stock-price-up-move-becoming-kind-on-investors/