B.Riley Starts Nextdoor Holdings Inc. (KIND) at Neutral

B.Riley analyst Naved Khan initiates coverage on Nextdoor Holdings Inc. (NYSE: KIND) with a Neutral rating and a price target of $2.00.

The analyst comments: "We are initiating coverage of Nextdoor Holdings, Inc. (KIND) with a Neutral rating and a $2 price target. With ~100M signed-up neighbors globally and coverage of approximately one-third of U.S. households, Nextdoor’s platform connects people to their local neighborhoods and offers a unique play on the advertising opportunity associated with its hyper-local social platform. The company’s plans to roll out a major platform overhaul in July with NEXT 1.0 should arguably lead to increased user engagement and contribute to a pickup in top-line growth and profitability. However, we also expect management to prioritize engagement and user experience over monetization initially, which may lead to choppy near-term performance. Given a lack of visibility around the timing and magnitude of the improvements from NEXT, along with the risk of shareholder dilution (due to the low stock price), we find the risk/reward profile to be balanced and opt to stay on the sidelines."

For an analyst ratings summary and ratings history on Nextdoor Holdings Inc. click here. For more ratings news on Nextdoor Holdings Inc. click here.

Shares of Nextdoor Holdings Inc. closed at $1.59 yesterday.

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