Yelp Shares Plummet; Is the Company in Trouble?
The company’s stock took a beating on Wednesday
Yelp, America’s favorite site for amateur restaurant reviews and the bane of many chefs’ existence, suffered a brutal business day on Wednesday. Yelp stock closed at $25.06 per share, down 25 percent from the opening bell. The big selloff came a day after the San Francisco-based company announced meager second-quarter earnings and the resignation of chairman Max Levin.
Yelp’s rough Wednesday continued a 16-month trend. Since peaking at $97.25 last March, the stock has fallen nearly 75 percent. Yelp hadn’t dropped to $25 per share since March 2013.
Financial analyst Rob Enderele told…