Nextdoor Holdings (KIND)

Jun 21, 2022Trade Ideas

Keep an eye on Nextdoor Holdings (KIND).

After dropping from about $6.74 to $3.15, the company announced a $100 million buyback program, and saw a good deal of insider buying.

In fact, earlier this month, two institutions with members on the KIND board bought big blocks of shares. Greylock Partners, for example, bought $19.4 million worth of stock. Investment firm Bond also paid $5 million for 1.4 million shares in early June, as well.

Also, as noted in a shareholder letter, “Our top priorities for 2022 remain growing engagement, adding new neighbors to Nextdoor, and building products that deliver differentiated results for advertisers of all sizes. Our Q1 results demonstrate that we are executing on our strategy. In addition to accelerated WAU [weekly average user] growth, revenue grew 48% year-over-year, sustaining the strong growth from Q4 2021, and Q1 ARPU grew 12% year-over-year to $1.39, driven by increased advertiser demand and pricing.”

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