Nextdoor (NYSE:NXDR) shares surged on Wednesday after activist investor Eric Jackson published a bullish analysis of the neighbourhood-focused social media platform.
Jackson, founder of Toronto-based hedge fund EMJ Capital and known for driving retail momentum in companies like Opendoor Technologies and Better Home & Finance Holding Co, described Nextdoor as “one of the most misunderstood platforms in the market” in a post on X.
He highlighted the company’s verified user base of over 100 million households and suggested that its potential in artificial intelligence–driven services, such as local lead generation and “Opportunity Alerts,” is largely untapped.
In premarket trading, Nextdoor shares rose nearly 30%, with trading volume exceeding 39 million shares compared to an average daily volume of roughly 1.9 million. Jackson’s track record with Opendoor, whose shares rose over 360% earlier this year following his bullish calls, has contributed to heightened investor attention in the stock.
Nextdoor shares surged as much as 49% on Wednesday, trading up 20% at about $2.40 in the early afternoon.