John Burbank's Passport Capital LLC reported a passive stake in Yelp Inc (NYSE:YELP) worth 6.3 percent of company's common stock, according to a 13G filed with the SEC. Passport Capital owns 1,065,261 shares of the company, the holding was acquired on January 25th, however, the filing has just been made public. Yelp Inc (NYSE:YELP) has not reacted to this announcement in markets, it's shares are trading down by 0.9 percent.
Passport Capital manages more than $3.4 billion worth assets. John Burbank's most recent stock picks have been Cytec Industries Inc (NYSE:CYT), Huntsman Corporation (NYSE:HUN), Vivus, Inc. (NASDAQ:VVUS) and Kinder Morgan Energy Partners LP (NYSE:KMP). Among tech stocks, Burbanks own Apple Inc. (NASDAQ:AAPL), Google Inc (NASDAQ:GOOG), Groupon Inc (NASDAQ:GRPN), Amazon.com, Inc. (NASDAQ:AMZN), eBay Inc (NASDAQ:EBAY) and a few others.
Yelp Inc (NYSE:YELP) made its debut in public trading in March last year. The shares opened with $15, and now trade around $20. The IPO of this consumer reviews company is among the better ones in tech stocks. Just recently the company has been marred by allegations that it creates negative publicity for enterprises that do not adevrtise on Yelp Inc (NYSE:YELP). The FTC made public 685 compalints against the company that accused it of this practice. Yelp's CEO denied the allegations saying that those who advertise with Yelp also have bad reviews listed on the website. The filed complaints specifically allege that Yelp threatens to remove the positive reviews for those setups that refuse to pay up.