Nextdoor $NXDR ( ▲ 3.57% ) jumped more than 30 percent in premarket trading after hedge fund manager Eric Jackson revealed he is long the neighborhood social app. Jackson is the same investor who helped ignite the rally in Opendoor Technologies $OPEN ( ▲ 0.16% ) earlier this year and has also been bullish on Carvana $CVNA ( ▼ 0.7% ) .
Jackson said in a thread on X that Nextdoor has an overlooked chance to layer AI into its business in the same way Opendoor and Carvana did. He added that the company checks every layer he looks for in a re-rating candidate.
Nextdoor still generates most of its revenue from advertising and has not posted a profitable quarter since going public in 2021. The stock is down about 17 percent this year and more than 80 percent from its IPO, which is part of why some investors see room for upside if the AI thesis plays out.