The Nextdoor Holdings Inc (NYSE: KIND) share price has risen 61% in the past six months as the popularity of the ultralocal social networking service for neighbourhoods rises. The social networking site reported a 16% growth in monthly active users to 42.4 million in the latest quarter.
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However, the company also reported a 2.0% drop in quarterly revenues compared to last year. Still, the company’s management is confident that its revenues will start rising again and that its pretax profits will surge significantly in the 2023 financial year.
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The social networking site’s share price got a boost recently after Cathie Wood of Ark Invest bought more shares in the company, demonstrating her confidence in its prospects. Ms Wood is known for backing high-growth companies such as Tesla; hence the same outlook can be assigned to Nextdoor.
Cathie Wood’s investment triggered a rally higher in Nextdoor’s share price, which rallied 8.05% after news broke of the move. Cathie tends to hold her stocks for a while; hence, the recent buy indicates that she believes that despite the 61% rally in six months, Nextdoor stock could still rally higher.
Still, despite its recent rally higher, Nextdoor’s share price is far from its all-time highs of over $18 hit in November 2021, and there is still a long way to go before we can reach such highs again. Some analysts are also worried about the decline in its revenues due to the soft advertising market.
Investors who missed out on the rally in Nextdoor’s share price should wait for pullbacks to get in. However, we may be due for a massive pullback following the rally, but only time will tell. The shallow pullbacks printed by the KIND shares are enough for bullish entries.
*This is not investment advice.
The Nextdoor (KIND) stock price.
The Nextdoor (KIND) share price has risen 61% in the past six months as investor sentiment improved.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.