Global X Management Co. LLC Has $2.61 Million Stake in Yelp Inc (NYSE:YELP)
Global X Management Co. LLC raised its position in Yelp Inc (NYSE:YELP) by 43.5% during the second quarter, Holdings Channel reports. The firm owned 86,944 shares of the local business review company’s stock after buying an additional 26,364 shares during the period. Global X Management Co. LLC’s holdings in Yelp were worth $2,610,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Pictet Asset Management Ltd. purchased a new stake in shares of Yelp during the second quarter valued at $16,953,000. Hodges Capital Management Inc. purchased a new stake in shares of Yelp during the second quarter valued at $5,611,000. First Manhattan Co. purchased a new stake in shares of Yelp during the second quarter valued at $11,158,000. Ingalls & Snyder LLC raised its stake in shares of Yelp by 63.0% in the second quarter. Ingalls & Snyder LLC now owns 83,350 shares of the local business review company’s stock valued at $2,502,000 after buying an additional 32,220 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in shares of Yelp by 19.3% in the second quarter. Daiwa Securities Group Inc. now owns 232,477 shares of the local business review company’s stock valued at $6,978,000 after buying an additional 37,631 shares during the period. Institutional investors own 94.79% of the company’s stock.
Shares of Yelp Inc (YELP) opened at 42.03 on Friday. The company has a market cap of $3.44 billion, a P/E ratio of 266.01 and a beta of 1.48. The stock’s 50 day moving average price is $33.08 and its 200 day moving average price is $33.42. Yelp Inc has a 1-year low of $26.93 and a 1-year high of $43.41.
Yelp (NYSE:YELP) last released its earnings results on Thursday, August 3rd. The local business review company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.12. The business had revenue of $209.90 million for the quarter, compared to the consensus estimate of $204.89 million. Yelp had a return on equity of 3.54% and a net margin of 3.63%. Yelp’s quarterly revenue was up 21.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 earnings per share. Equities research analysts forecast that Yelp Inc will post $0.07 earnings per share for the current year.
Yelp declared that its board has approved a share repurchase program on Thursday, August 3rd that allows the company to buyback $200.00 million in shares. This buyback authorization allows the local business review company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
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YELP has been the subject of several research analyst reports. Loop Capital restated a “hold” rating on shares of Yelp in a report on Wednesday, April 19th. Vetr lowered Yelp from a “strong-buy” rating to a “buy” rating and set a $36.94 price objective for the company. in a report on Thursday, April 20th. Cowen and Company restated a “market perform” rating and issued a $39.00 price objective on shares of Yelp in a report on Monday, April 24th. Wells Fargo & Company upgraded Yelp from an “underperform” rating to a “market perform” rating and set a $27.00 price objective for the company in a report on Friday, May 5th. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $46.00 price objective on shares of Yelp in a report on Friday, May 5th. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eighteen have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $37.95.
In related news, SVP Laurence Wilson sold 10,000 shares of Yelp stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $42.00, for a total value of $420,000.00. Following the sale, the senior vice president now owns 191,947 shares of the company’s stock, valued at $8,061,774. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Joseph R. Nachman sold 3,789 shares of Yelp stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $28.23, for a total value of $106,963.47. Following the completion of the sale, the chief operating officer now directly owns 137,615 shares in the company, valued at approximately $3,884,871.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,751 shares of company stock worth $4,261,130. 10.10% of the stock is owned by company insiders.
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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