The restaurant reservation service announced it will be bought by Priceline for $2.6 billion on Friday, a 46 percent premium above its Thursday closing price.
Now the question everyone has is who's going to be the next big acquisition target. Gina Sanchez, founder of Chantico Global, believes there's one company already on people's radar screens.
"The market is clearly focusing on Yelp," said Sanchez, a CNBC contributor. "We saw a big pop in the price action this morning. That's partially because Yelp is getting in on the reservation business, which is OpenTable's niche."
(Watch: OpenTable by the numbers)
Shares in Yelp were up nearly 15 percent at one point on Friday. Sanchez believes Yelp's product features – such as its database of business location and hours – may make it particularly attractive to potential suitors.
"Some large company could be looking at them," speculated Sanchez. "That someone could be, let's say, Google. Google Maps, for example. People go there to look up business hours and also reviews. So, there could be some synergies there."
However, Mark Newton, chief technical analyst at Greywolf Execution Partners, believes it may be too late for investors to get in on Yelp's OpenTable-related rally. As of late Friday, the Yelp shares were trading around $75.
"You've already gottenback about 50 percent of the entire decline that you saw from March through May," said Newton. "I think it has max upside to about $81."
A few extra dollars on the upside for Yelp's shares may not be worth the risk, according to Newton.
"If you look at a weekly chart, it puts things in a little bit [of a] different perspective," Newton said. "The pullback from March to May was actually pretty damaging for the long term; it gave back a lot. So, that has caused some deterioration in a lot of the intermediate-term momentum."
Newton says the rise in Yelp's stock over the past few days doesn't reflect its true weakness. He sees it as now overbought. "From my perspective at least, technically I don't like it as a risk/reward here," he said. "I think the upside is minimal."
"A lot of the small caps [and] a lot of the tech stocks had experienced extreme technical damage," added Newton about the selloff earlier in the year. "Many of them have bounced along with the Russell 2000 just in recent weeks. But, it's just tough to look at a lot of these stocks and think that they're still good risk/reward opportunities after this move – Yelp in particular."
To see the full discussion on OpenTable and Yelp, with Sanchez on the fundamentals and Newton on the technicals, watch the above video.