The stock was sold at the average cost of $35.61, for a total worth of $284,880.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link.
Factoring in Tuesday’s after-hours decline, Yelp shares are now down nearly 60% in the past 12 months.
“We thank Max for all his contributions to Yelp since its founding in 2004 when he provided the seed capital to start the company”, said Jeremy Stoppelman, Yelp’s chief executive officer.
It is expected that adjusted earnings would be between $72 million and $78 million. The lowered forecast shows the highly competitive local advertising environment Yelp faces, said Chris Merwin, an analyst at Barclays Plc. After the session commenced at $33.06, the stock reached the higher end at $33.8 while it hit a low of $32.36.
The earnings in the quarter dropped much below the analysts’ expectations. Credit Suisse decreased their price objective on shares of Yelp from $70.00 to $44.00 and set an “outperform” rating for the company in a research report on Wednesday.
Revenue rose to $133.9 million from $88.8 million. During the same quarter last year, the company posted $0.04 EPS.
By 2017, the company hopes to bring in $1 billion in revenue, but the global playing field is still small, and will stay that way for at least the next couple of years. In other words, the lower the score, the better from an analyst perspective.
Yelp announced Q2 2015 earnings this afternoon.
Despite the cloudy outlook, analysts at Cantor Fitzgerald are still optimistic, maintaining their buy rating since Yelp’s “local online ad opportunity remains substantial and the number of players with scale, brand and network effect is limited”.
The company shares dropped over 16% in the extended trading, while it expected to report between $139 million and $142 million in net revenue during the third-quarter. The stock presently has an average rating of “Hold” and an average target price of $53.34.
Yelp Inc (NYSE:YELP) shares got killed today after last night’s disappointing earnings report, and the company has earned at least one downgrade (and probably more). Business review sites that are local are provided by the Company. The two areas in which Yelp is doing well are local vertical search and mobile, but the company has failed to perform well in the other areas. The Business has a range of communities of subscribers throughout the world that contributes the content on its platform. These contributors provide first-hand information about local businesses in the kind of evaluations and reviews, tips, photos as well as videos. As well as marketing products and the business record, the Company also provides a variety of features and consumer -interactive tools to facilitate transactions between consumers and the companies that are local they locate on Yelp.