Yelp Inc. (NYSE:YELP) CEO Jeremy Stoppelman has sold $842,100 worth of company shares in a transaction that took place on January 20, 2023. Stoppelman sold 30,000 shares at an average price of $28.07 each, resulting in a 3.81% decrease in his ownership. Following this sale, he retains 756,458 shares of Yelp, which are currently valued at approximately $21.23 million. The transaction was reported in a filing with the Securities and Exchange Commission.
Yelp’s stock performance has shown fluctuations recently. On the trading day prior to the sale, shares opened at $29.14. Over the past year, the stock has experienced a low of $27.29 and a high of $41.72. Currently, the company has a market capitalization of $1.79 billion and a price-to-earnings ratio of 12.89.
Investors Adjust Positions in Yelp
Recent activity among institutional investors has highlighted changing dynamics in Yelp’s ownership. Jupiter Asset Management Ltd. significantly increased its stake in Yelp by 268.1% during the second quarter, acquiring an additional 548,586 shares to reach a total of 753,173 shares worth around $25.81 million. Similarly, Russell Investments Group Ltd. raised its holdings by 17.7%, now owning 295,562 shares valued at approximately $10.15 million.
Other notable investors include Acadian Asset Management LLC, which expanded its position by 4.2%, and Allianz Asset Management GmbH, which increased its stake by 23.1%. Collectively, hedge funds and institutional investors now own 90.11% of Yelp’s stock.
Analysts’ Perspectives on Yelp’s Future
Equity analysts have expressed a range of opinions regarding Yelp’s performance. Weiss Ratings recently reaffirmed a “hold (C-)” rating on Yelp shares. Meanwhile, Evercore ISI adjusted its price target for Yelp from $45.00 to $38.00, maintaining an “outperform” rating. Morgan Stanley lowered its target from $30.00 to $28.00, suggesting an “underweight” rating.
On the other hand, Jefferies Financial Group raised its target from $31.00 to $32.00, supporting a “hold” rating. Overall, Yelp has received one “buy” rating, four “hold” ratings, and two “sell” ratings, leading to an average target price of $31.29, according to data from MarketBeat.com.
Yelp continues to function as a pivotal platform connecting consumers with local businesses, driven by user-generated reviews and ratings. The company generates revenue primarily through advertising services aimed at small and medium-sized enterprises, maintaining a strong presence in the digital marketplace.
