The online review company has, for the moment, decided not to pursue a sale after previously hiring Goldman Sachs to find a buyer, Bloomberg reported Thursday , citing sources. Yelp has received interest from potential suitors but will hold off on a sale for the "immediate future," according to the report.

Following a trading halt around 12:50 p.m. ET, the stock fell after it reopened approximately 10 minutes later. It closed the day about 10 percent lower.

Yelp shares slipped on Thursday afternoon amid reports the company's sale process had stalled.

The company could seek a takeover again if co-founder and CEO Jeremy Stoppelman changes his mind, sources told the outlet.



Read MoreYelp shares soar amid reports of possible sale



Yelp told CNBC it does not comment on rumors or speculation.



Before its stock plunged on Thursday, Yelp had a market capitalization of about $3.1 billion. With the battering, Yelp shares have fallen more than 20 percent in the last month.

Yelp would consider a takeover that would help it ramp up purchases made by reviewers, according to Bloomberg. Increasing the likelihood of a direct sale on the site would allow the company to charge advertisers more.