Stock Story -
What Happened: Shares of neighborhood social network Nextdoor (NYSE:KIND) jumped 24.8% in the pre-market session after the company announced that Co-founder Nirav Tolia will would return as Chief Executive Officer, President, and Chairperson of the Board, replacing Sarah Friar following a transition in Q2 2024. Nextdoor also provided preliminary fourth quarter 2023 results with WAU (Weekly Active Users ) of 41.8M ( +5% year-over-year and 3% quarter-over-quarter). It also expects to report revenue of $56 million for the quarter ( above the previous guidance range of $50 million to $52 million). Lastly, the company's board of directors bumped its share repurchase authorization by $150M (for a total authorization of $250M).
Is now the time to buy Nextdoor? Find out by reading the original article on StockStory.
What is the market telling us: Nextdoor's shares are somewhat volatile and over the last year have had 22 moves greater than 5%. But moves this big are very rare even for Nextdoor and that is indicating to us that this news had a significant impact on the market's perception of the business.
The biggest move we wrote about over the last year was 10 months ago, when the stock gained 8.9% on the news that the company reported first-quarter results that exceeded analysts' revenue estimates. Weekly Active Users and adjusted EBITDA also beat. In addition, revenue guidance for the next quarter came in above consensus, and adjusted EBITDA was inline. While absolute revenue growth levels are somewhat muted, these results were strong overall.
Nextdoor is up 16.4% since the beginning of the year, but at $2.03 per share it is still trading 39.6% below its 52-week high of $3.35 from June 2023. Investors who bought $1,000 worth of Nextdoor's shares at the IPO in March 2021 would now be looking at an investment worth $202.50.
![Why Nextdoor (KIND) Stock Is Up Today](https://d68-invdn-com.investing.com/content/pic18283ca1976df0e8ebed19b611ec28ba.jpeg)