“We purchased Yelp at an average price of $21.16,” Einhorn said in a letter to investors.
“The stock has suffered due to missed expectations and anxiety about an upcoming negative documentary,“ he said at the time.
By early October, Yelp shares had already roughly doubled from Einhorn’s buy price. SEC filings revealed Einhorn began selling Yelp shares shortly after he bought them, cashing out nearly 334,000 shares in Q2 2016 and another 600,000 shares in Q3 2016.
See Also: Give Yelp A Bullish Review In 2017
Even after Yelp’s big post-earnings selloff last week, the stock remains up 66 percent since May 1, 2016. Despite a Q4 earnings beat on in-line revenue, Yelp’s guidance fell short of the market’s expectations.
It wouldn’t be surprising to see if Einhorn continued to sell Yelp with the stock near 52-week highs in the days leading up to the earnings report. Greenlight Capital is…
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