Yelp CEO Jeremy Stoppelman just sold 13, 513 shares of his company on a transaction that occurred on Wednesday December 10th, according to a filing by the SEC as reported by The Legacy. The shares were sold at an average of $53. 10. Shares has been trading up slightly at 2%, but the stock has had a wide range, with a 52 week low at $49.11 and a 52 week high of $101.75. Yelp’s 50 day moving average is $57.18 and its 200 day moving average is $68.
Since the stock was not at the top of its range, it doesn’t seem to be profit taking that prompted Stoppelman to sell part of his holding. Earnings were decent, with a 17 cent earnings beat, and it trounced revenue estimates. While the consensus rating on the stock is a “buy, ” analysts are dropping their price targets, which may indicate that the stock may be overvalued. Citigroup reiterated its Buy rating but reduced the price target from $87 to $78. JP Morgan also reiterated its overweight rating but lowered its price target from $100 to $95.
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Jeremy Stoppelman, who, in a Vanity Fair article, said he has been mistaken as Indian because of his dark hair and skin tone, was born to a Jewish family in Arlington Virginia and belonged to a Reform Temple. He worked for PayPal, left for Harvard Business School, and there he had the idea for Yelp.