eBay Inc. (NASDAQ:EBAY) had a busy stretch this month that included fresh commentary from management at a major investor conference, continued attention on its relationship with major shareholder GameStop and analyst activity.
- eBay stock is trading near recent highs. What’s ahead for EBAY stock?
Goldman Sachs Conference Commentary
On September 8, CEO Jamie Iannone and CFO Peggy Alford appeared at the Goldman Sachs Communacopia + Technology Conference, where Iannone highlighted eBay Live and Vehicles as new growth vectors for the company, noting that the vehicles business has quickly reached hundreds of millions of dollars in run rate after just a year. He reiterated that roughly 70% of eBay’s business now falls into Focus Categories, consumer-to-consumer sales, or recommerce, with each growing about 20% in the second quarter. Iannone also said AI is a real tailwind for the business, pointing to Magical Listings as an early success and noting that AI technology has driven 50% more U.S. listings per lister. Shares closed at $104.47 that day, up about 1%.
GameStop’s Ongoing Stake
Adding to the month’s storyline, GameStop’s roughly $4.9 billion stake in eBay has continued to draw investor attention, with GameStop insider Ryan Cohen‘s personal GME stake nearing $800 million as of September 11, following GameStop’s earlier pursuit of a potential acquisition of eBay.
Analyst Consensus & Recent Actions
The stock carries a Buy rating with an average price forecast of $115.83. Recent analyst activity include:
- StoneX: Buy (Raises Target to $136.00) (Sept. 14)
eBay Shares Trade Flat
EBAY Price Action: At the time of publication, eBay shares are trading 0.88% higher at $110.13, according to data from Benzinga Pro.
Image via Shutterstock
Login to comment