Goodnow Investment Group LLC Takes Position in Yelp Inc. (YELP)
Goodnow Investment Group LLC bought a new position in shares of Yelp Inc. (NYSE:YELP) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 54,930 shares of the local business review company’s stock, valued at approximately $1,649,000. Yelp accounts for about 0.3% of Goodnow Investment Group LLC’s portfolio, making the stock its 22nd biggest holding. Goodnow Investment Group LLC owned about 0.07% of Yelp at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in YELP. Bank of New York Mellon Corp increased its position in Yelp by 4.1% during the first quarter. Bank of New York Mellon Corp now owns 235,974 shares of the local business review company’s stock worth $7,727,000 after acquiring an additional 9,350 shares during the period. Swiss National Bank increased its position in Yelp by 14.2% during the first quarter. Swiss National Bank now owns 129,264 shares of the local business review company’s stock worth $4,233,000 after acquiring an additional 16,100 shares during the period. UBS Asset Management Americas Inc. increased its position in Yelp by 46.0% during the first quarter. UBS Asset Management Americas Inc. now owns 53,227 shares of the local business review company’s stock worth $1,743,000 after acquiring an additional 16,766 shares during the period. Karp Capital Management Corp bought a new position in Yelp during the first quarter worth $290,000. Finally, Ameriprise Financial Inc. bought a new position in Yelp during the first quarter worth $6,218,000. 90.85% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have issued reports on YELP. Piper Jaffray Companies reissued a “hold” rating and issued a $37.00 price target on shares of Yelp in a report on Friday, August 4th. Roth Capital raised shares of Yelp from a “sell” rating to a “neutral” rating and boosted their price target for the company from $21.00 to $35.00 in a report on Friday, August 4th. Morgan Stanley reissued an “equal weight” rating and issued a $26.00 price target (down previously from $28.00) on shares of Yelp in a report on Thursday, July 20th. MKM Partners raised shares of Yelp from a “neutral” rating to a “buy” rating and boosted their price target for the company from $27.00 to $31.31 in a report on Friday, August 4th. Finally, J P Morgan Chase & Co reissued an “overweight” rating and issued a $46.00 price target on shares of Yelp in a report on Friday, August 4th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twenty have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $38.95.
In other Yelp news, CEO Jeremy Stoppelman sold 13,000 shares of the business’s stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $43.49, for a total value of $565,370.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Laurence Wilson sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $42.00, for a total value of $420,000.00. Following the completion of the transaction, the senior vice president now directly owns 191,947 shares in the company, valued at $8,061,774. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 193,240 shares of company stock worth $7,967,599. 10.10% of the stock is owned by insiders.
Shares of Yelp Inc. (NYSE YELP) traded down 0.14% during mid-day trading on Tuesday, hitting $41.84. The stock had a trading volume of 350,098 shares. The firm has a market capitalization of $3.42 billion, a PE ratio of 264.81 and a beta of 1.41. Yelp Inc. has a 1-year low of $26.93 and a 1-year high of $44.25. The stock’s 50-day moving average is $41.55 and its 200-day moving average is $34.22.
Yelp (NYSE:YELP) last posted its quarterly earnings data on Thursday, August 3rd. The local business review company reported $0.09 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.12. The company had revenue of $209.90 million for the quarter, compared to analyst estimates of $204.89 million. Yelp had a return on equity of 1.60% and a net margin of 1.67%. The firm’s quarterly revenue was up 21.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 earnings per share. Equities analysts expect that Yelp Inc. will post $0.07 earnings per share for the current year.
Yelp declared that its Board of Directors has initiated a stock buyback plan on Thursday, August 3rd that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the local business review company to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
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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 offers local business review sites. Yelp provides a platform for consumers to share their everyday local business experiences with other consumers by posting reviews, tips, photos and videos, and to engage directly with businesses, through reviews, its Request-A-Quote and Message the Business features, and by completing transactions on the Yelp Platform.
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