Top executives continue selling via automatic monthly plan
Yelp (NYSE:YELP), the pioneering tech firm that monetized crowd sourced user reviews, said last month it’s converting to a fully remote workforce.
Though a contentious issue, Yelp said that after the COVID-19 pandemic it realized the move would provide cost efficiencies and other benefits.
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Per the Post, Yelp plans to use the cost-savings from the office space to reinvest in hiring, in employee benefits and perks, and the business itself.
On June 23, Stoppelman published a statement declaring the company’s intention to go embrace a fully remote workplace, and closing offices New York, Washington, D.C. and Chicago.
“The pandemic significantly altered the way we work, and it became clear early on that the future of work at Yelp is remote,” Yelp’s Chief People Officer Carmen Orr, told the website HR Dive earlier this month. “It’s best for our employees, particularly parents, caregivers and people with disabilities, as well as our business. “
Stoppelman said the company is figuring out the cadence and best ways to host in-person events so workers can meet, collaborate and bond in real life.
In other Yelp news, several insiders continued to sell shares in presrranged lots monthly.On July 21, 2022, Yelp COO Joseph R. Nachman sold 6,000 YELP stock for $31.14. He has been selling shares on an automatic monthly plan for some time.
On July 18, David Schwarzbach, CFO, sold 2,000 shares for $28.14. Schwartzbach, too, has a plan in place to automatically sell a set number of shares each month in the open market.
In the year to July 21, insiders sold 95,105 shares at an average price of $30.41, according to Nasdaq data. Link
Though insider selling may appear to have negative implications for share prices, CNBC notes that tax-related concerns and regularly scheduled sales to diversify large positions generally don’t move markets.
Still, investment expert Joan Lappin, CFA, suggests market participants shouldn’t outright ignore insider selling, especially if the volume is aggressive.
Article by Joshua Enomoto, Fintel
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