Should You Consider Investing in Yelp?

© Reuters. Should You Consider Investing in Yelp?

As a leading one-stop local platform provider for consumers, Yelp (NYSE:) has been ramping up its self-serve channels and service platform to capitalize on the uptick in business activities and increasing restaurant bookings amid the economy’s fast-paced reopening. Consequently, the stock has gained 16.3% year-to-date. But does the stock have more upside to deliver? Read on to find out. Incorporated in 2004, Yelp Inc. (YELP) is a social networking platform that connects local businesses, including restaurants, shopping, beauty and other categories, with consumers in the United States and internationally. The company’s increasing investment in product innovation and its efficient go-to-market approach have allowed it to cater to the needs of businesses as they recover from the pandemic-induced downturn.

In May, YELP’s restaurant bookings surged above their pre-COVID-19 levels in nearly every U.S. state largely because an increasing number of restaurant owners are embracing digital platforms to boost their sales.

A substantial improvement in consumer foot traffic as pandemic restrictions have eased, coupled with YELP’s initiatives to boost its self-serve advertising channel, position it to take full advantage of the uptick in business activities. The stock has gained 16.3% year-to-date to close yesterday’s trading session at $38.00. As demand from retail and other businesses continues to surge, YELP is well positioned to maintain its growth and deliver solid returns.

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