Yelp (YELP) Cut to Neutral at Wedbush

Yelp (NYSE:YELP) was downgraded by stock analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research report issued on Friday, The Fly reports. They presently have a $32.00 price objective on the local business review company’s stock, down from their prior price objective of $60.00. Wedbush’s price objective suggests a potential upside of 4.00% from the company’s current price.

Several other research firms have also commented on YELP. Stifel Nicolaus lifted their price target on shares of Yelp from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, August 9th. Zacks Investment Research lowered Yelp from a “buy” rating to a “hold” rating in a research report on Friday, September 28th. KeyCorp reissued a “hold” rating on shares of Yelp in a research report on Thursday, August 9th. JPMorgan Chase & Co. boosted their target price on Yelp to $57.00 and gave the company an “overweight” rating in a research report on Thursday, August 9th. Finally, Barclays boosted their target price on Yelp from $47.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, August 9th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company. Yelp presently has a consensus rating of “Hold” and an average price target of $45.33.

Shares of Yelp stock traded down $12.73 on Friday, hitting $30.77. 14,565,052 shares of the company were exchanged, compared to its average volume of 1,498,299. The stock has a market cap of $3.73 billion, a P/E ratio of 439.57, a P/E/G ratio of 7.46 and a beta of 1.29. Yelp has a 1-year low of $36.42 and a 1-year high of $52.50.

Yelp (NYSE:YELP) last issued its earnings results on Thursday, November 8th. The local business review company reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.07. The business had revenue of $241.10 million for the quarter, compared to analysts’ expectations of $245.55 million. Yelp had a return on equity of 0.74% and a net margin of 17.64%. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 EPS. As a group, research analysts forecast that Yelp will post 0.3 earnings per share for the current fiscal year.

In related news, CEO Jeremy Stoppelman sold 13,000 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $47.00, for a total transaction of $611,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Joseph R. Nachman sold 10,500 shares of the business’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $44.82, for a total transaction of $470,610.00. Following the transaction, the chief operating officer now owns 109,435 shares of the company’s stock, valued at approximately $4,904,876.70. The disclosure for this sale can be found here. Insiders have sold 223,500 shares of company stock worth $10,135,885 in the last ninety days. Corporate insiders own 9.00% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its stake in shares of Yelp by 28.7% during the second quarter. BlackRock Inc. now owns 7,154,009 shares of the local business review company’s stock worth $280,295,000 after purchasing an additional 1,597,355 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD grew its stake in shares of Yelp by 1.1% during the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 2,120,140 shares of the local business review company’s stock worth $104,310,000 after purchasing an additional 23,415 shares in the last quarter. First Manhattan Co. grew its stake in shares of Yelp by 8.8% during the second quarter. First Manhattan Co. now owns 1,554,043 shares of the local business review company’s stock worth $60,887,000 after purchasing an additional 126,090 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Yelp by 0.3% during the third quarter. Victory Capital Management Inc. now owns 1,131,550 shares of the local business review company’s stock worth $55,672,000 after purchasing an additional 3,785 shares in the last quarter. Finally, Macquarie Group Ltd. grew its stake in shares of Yelp by 126.7% during the second quarter. Macquarie Group Ltd. now owns 1,105,663 shares of the local business review company’s stock worth $43,320,000 after purchasing an additional 617,864 shares in the last quarter. Hedge funds and other institutional investors own 86.05% of the company’s stock.

About Yelp

Yelp Inc operates a platform that connects people with local businesses in the United States, Canada, and internationally. The company's platform covers various local business categories, including restaurants, shopping, beauty and fitness, arts, entertainment and events, home and local services, health, nightlife, travel and hotel, auto, and others.

Featured Article: What is a Swap?

The Fly

Analyst Recommendations for Yelp (NYSE:YELP)

Receive News & Ratings for Yelp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Yelp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply