Yelp (YELP) stock is getting a lift from its purchase of food-ordering service Eat24, a GrubHub rival. “We are bullish on the online food ordering space, and we like initiatives that help Yelp get closer to the local merchant transaction,” said Citigroup analyst Mark May in a research report. Yelp stock was near 46, up 2.5% in midday trading on the stock market today. Yelp stock hit an 18-month low of 42.10 on Monday, after the company’s Q4
Eat24 has become an Elite Yelper with this latest order: Review site Yelp (YELP) announced that it is buying the online food-ordering service in a cash-and-stock deal worth about $134 million. Shares of Yelp jumped 6.9% to 45.08 in afternoon trading on the stock market today. The stock crashed 21.5% last Friday and 6.5% on Monday — collapses that caused it to break support at the 50-day line and hit its lowest levels since August 2013. Quarterly
Crowdsourced online review site Yelp (YELP) received an upgrade on Tuesday from investment bank Raymond James, which cited lower-than-expected turnover of the company’s advertisers and robust mobile traffic growth. Raymond James upgraded Yelp to outperform from market perform while maintaining a price target of 72. The investment bank’s Q4 survey of 75 Yelp advertisers revealed that 60% planned to maintain their current spending rates, while 27%