Hedge fund activity in Yelp Inc (NYSE:YELP)
At the end of the first quarter, a total of 29 of the hedge funds tracked by Insider Monkey were bullish in this stock, an increase of one from the end of the fourth quarter. With the smart money’s sentiment swirling, there exists a select group of key hedge fund managers who were boosting their stakes substantially.
When looking at the hedgies followed by Insider Monkey, Eashwar Krishnan’s Tybourne Capital Management had the biggest position in Yelp Inc (NYSE:YELP), worth close to $169.6 million with 3.58 million shares, accounting for 15.8% of its total 13F portfolio. Sitting in the number two spot was Sanford J. Colen of Apex Capital, with a $50.3 million position of 1.06 million shares; 3.6% of its 13F portfolio was allocated to the stock. Some other hedge funds with similar optimism comprised Robert Karr’s Joho Capital, Ken Griffin’s Citadel Investment Group, and Brian Taylor’s Pine River Capital Management.
With a general bullishness amongst the heavyweights, key money managers were breaking ground themselves. William B. Gray’s Orbis Investment Management initiated a $25.9 million position during the quarter. The following funds were also among the new Yelp investors: Benjamin A. Smith’s Laurion Capital Management, Christopher Lyle’s SCGE Management, and Dmitry Balyasny’s Balyasny Asset Management.
Considering the dismal second quarter results and the fact the company couldn’t find any interested suitors to purchase it, we would recommend our readers to be wary of the stock and don’t recommend buying it.