Shares of Yelp Inc. (YELP) rocketed over 25% Thursday following a Wall Street Journal report indicating the company is working with investment bankers and has been in touch with potential buyers in recent weeks. A deal is not imminent, sources told the paper.
Citigroup’s Mark May is one of the first on the Street to comment on the report, saying Google (GOOGL), Facebook (FB), Apple (AAPL), or Yahoo (YHOO) could be acquirers.
Yelp’s trading volume jumped on the news with the issue currently trading more than 27 million shares, compared to the average volume of 3.3 million shares.
YELP recently gained $8.91 to $47.13. The stock is down more than 26% year-over-year and has lost roughly 30% year-to-date. In the past 52 weeks, shares of San Francisco, California-based company have traded between a low of $37.91 and a high of $86.88.
Yelp Inc. closed Wednesday at $38.22. The name has a current market cap of $3.52 billion.