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Yext Stock Soars 20% After Reports of Potential Sale
Jun 7, 2024 5:03 PM - Davit Kirakosyan
Image credit: FMP
Shares of Yext (NYSE:YEXT) experienced a significant jump of around 20% intra-day today following a report by Reuters indicating the company is contemplating a sale. According to sources familiar with the matter, Yext has garnered interest from potential buyers and is now exploring strategic alternatives with the assistance of investment bankers.
Yext, valued at around $600 million, is in the early stages of considering these options. Despite the ongoing discussions, there's no certainty that a transaction will occur, as the talks remain confidential.
The New York-based company is known for its software solutions that boost the online visibility of businesses across search engines and websites. Yext focuses on enhancing its clients' presence on various platforms and applications, including Amazon Alexa, Google Maps, and Apple’s Siri.
Yext has faced challenges in setting itself apart in a competitive market influenced by rapid advancements in artificial intelligence. Over the past year, the company's shares have plummeted by more than 50% due to declining revenue.
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