Yelp Inc. (YELP) Cut to “Hold” at Zacks Investment Research
Yelp Inc. (NYSE:YELP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Yelp, Inc. is a website engaged in providing information through online community offering social networking. It covers restaurants, shopping, nightlife, financial services, health and a variety of services. The company serves customers in the United States, Canada, the United Kingdom, Ireland, France, Germany, Austria, the Netherlands, Spain, Italy, Switzerland and Belgium. Yelp, Inc. is headquartered in San Francisco, California. “
A number of other research firms have also weighed in on YELP. Vetr raised shares of Yelp from a “hold” rating to a “buy” rating and set a $42.74 price objective for the company in a research note on Monday, October 3rd. Macquarie upped their price objective on shares of Yelp from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 7th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Yelp in a research note on Tuesday, September 27th. Maxim Group upped their price objective on shares of Yelp from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, September 26th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Yelp in a research note on Tuesday, September 6th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty have given a buy rating to the company. Yelp presently has a consensus rating of “Hold” and a consensus target price of $36.03.
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Yelp (NYSE:YELP) traded down 0.58% during trading on Wednesday, hitting $39.24. 279,704 shares of the company traded hands. The company’s 50 day moving average is $39.15 and its 200-day moving average is $29.99. The stock’s market capitalization is $3.03 billion. Yelp has a 52 week low of $14.53 and a 52 week high of $43.36.
Yelp (NYSE:YELP) last released its quarterly earnings data on Tuesday, August 9th. The local business review company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.08. Yelp had a negative net margin of 7.20% and a negative return on equity of 6.14%. The company earned $173.40 million during the quarter, compared to analyst estimates of $169.82 million. During the same period in the prior year, the firm earned $0.12 earnings per share. The firm’s revenue for the quarter was up 29.5% compared to the same quarter last year. Analysts predict that Yelp will post ($0.19) earnings per share for the current year.
In other news, COO Joseph R. Nachman sold 2,508 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $37.45, for a total transaction of $93,924.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Joseph R. Nachman sold 20,288 shares of the stock in a transaction that occurred on Wednesday, October 5th. The shares were sold at an average price of $42.99, for a total value of $872,181.12. Following the transaction, the chief operating officer now owns 137,311 shares in the company, valued at approximately $5,902,999.89. The disclosure for this sale can be found here. Insiders own 11.08% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Yelp during the first quarter worth about $539,000. TIAA CREF Investment Management LLC raised its position in shares of Yelp by 1.7% in the first quarter. TIAA CREF Investment Management LLC now owns 195,107 shares of the local business review company’s stock worth $3,879,000 after buying an additional 3,310 shares during the period. BlackRock Inc. raised its position in shares of Yelp by 10.0% in the first quarter. BlackRock Inc. now owns 78,658 shares of the local business review company’s stock worth $1,564,000 after buying an additional 7,175 shares during the period. BlackRock Group LTD raised its position in shares of Yelp by 0.4% in the first quarter. BlackRock Group LTD now owns 179,547 shares of the local business review company’s stock worth $3,569,000 after buying an additional 654 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Yelp during the first quarter worth about $475,000. Hedge funds and other institutional investors own 74.90% of the company’s stock.
Yelp Inc (Yelp) connects people with local businesses by bringing word of mouth online and providing a platform for businesses and consumers to engage and transact. The Company provides local business review sites. Yelp provides a platform for consumers to share their everyday local business experiences, through reviews, tips, photos and videos, and engages directly with businesses, through reviews, phone calls and its Message the Business feature.
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