Yelp (YELP) Board of Directors Authorizes Stock Buyback Plan
Yelp (NYSE:YELP) declared that its board has initiated a stock buyback program, which authorizes the company to buyback $200.00 million in shares on Thursday, August 3rd, EventVestor reports. This buyback authorization authorizes the local business review company to purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Shares of Yelp (YELP) opened at 40.05 on Friday. The firm has a market cap of $3.23 billion, a PE ratio of 541.22 and a beta of 1.48. The firm has a 50-day moving average price of $31.06 and a 200-day moving average price of $33.37. Yelp has a 52 week low of $26.93 and a 52 week high of $43.41. Yelp also was the recipient of unusually large options trading on Thursday. Investors purchased 62,135 put options on the stock. This is an increase of approximately 1,632% compared to the typical volume of 3,587 put options.
Yelp (NYSE:YELP) last announced its earnings results on Thursday, August 3rd. The local business review company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.12. Yelp had a return on equity of 0.77% and a net margin of 0.80%. The firm had revenue of $209.90 million during the quarter, compared to analyst estimates of $204.89 million. During the same quarter in the prior year, the company earned $0.16 EPS. The business’s revenue was up 21.0% compared to the same quarter last year. On average, equities research analysts predict that Yelp will post ($0.08) earnings per share for the current year.
YELP has been the subject of several analyst reports. Pacific Crest upgraded Yelp from a “sector weight” rating to an “overweight” rating and boosted their target price for the stock from $33.41 to $43.00 in a research report on Tuesday, April 11th. Roth Capital set a $28.00 target price on Yelp and gave the stock a “sell” rating in a research report on Monday, April 10th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Yelp in a research report on Monday, April 10th. Loop Capital reiterated a “hold” rating on shares of Yelp in a research report on Wednesday, April 19th. Finally, Vetr lowered Yelp from a “strong-buy” rating to a “buy” rating and set a $36.94 price objective for the company. in a research report on Thursday, April 20th. Four research analysts have rated the stock with a sell rating, sixteen have given a hold rating and seventeen have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $36.95.
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In other news, Director Geoffrey L. Donaker sold 4,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $27.65, for a total value of $110,600.00. Following the completion of the transaction, the director now owns 9,590 shares of the company’s stock, valued at approximately $265,163.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Charles Baker sold 12,176 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $28.23, for a total value of $343,728.48. Following the completion of the transaction, the chief financial officer now directly owns 116,862 shares of the company’s stock, valued at approximately $3,299,014.26. The disclosure for this sale can be found here. Insiders sold a total of 52,251 shares of company stock valued at $1,534,950 in the last three months. Corporate insiders own 10.10% 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 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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