Yelp Surges as Growth Potential Counters Lockup Expiry |
| Bloomberg - Aug 29, 2012 |
Yelp Inc. (YELP) surged as much as 23 percent as investor confidence in its growth prospects prevailed after a ban lifted on stock sales by some of the largest investors in the online review website.
San Francisco-based Yelp rose as high as $22.40, and was up 21 percent to $22.14 at 11:48 a.m. in New York. Through yesterday, the stock had gained 22 percent since a March 1 initial public offering. Inside investors are eligible to sell about 53 million shares of the company 180 days after its IPO, a period that extended through yesterday.
Yelp lets users post reviews of neighborhood businesses ranging from plumbers to pet shops on the Web. As rivals Google Inc. and Facebook Inc. boost local content, Yelp is adding mobile features and partnering with Apple Inc. to integrate its local content into software for the iPhone and iPad.
“Yelp is on its way to becoming a household name because of this Apple integration,” said Brian Blair, an analyst at Wedge Partners Corp. in New York, in an interview today.
Some investors thought Yelp would plunge following precedents set by social network Facebook, coupon-provider Groupon Inc. (GRPN) and online-review compiler Angie’s List Inc. (ANGI) -- all of which sank to record lows after stock lockup expirations earlier this month.
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- Posted: 2012-08-29 15:30:46
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