Blueshift Asset Management Boosts eBay Holdings by 298.3%
Blueshift Asset Management LLC has significantly increased its stake in eBay Inc. (NASDAQ: EBAY), boosting its holdings by an impressive 298.3% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the fund acquired an additional 17,210 shares, bringing its total ownership to 22,980 shares, valued at approximately $1.71 million at the end of the reporting period.
Notably, other institutional investors have also adjusted their positions in eBay. For instance, Princeton Global Asset Management LLC increased its holdings by 433.9%, resulting in ownership of 331 shares valued at $25,000 after purchasing an additional 269 shares. Similarly, Wealth Preservation Advisors LLC acquired a new stake worth $26,000 during the first quarter, while GFG Capital LLC invested $28,000 in the second quarter. Sumitomo Mitsui Financial Group Inc. enhanced its position by 155.3%, now owning 411 shares worth $30,000 after buying an additional 250 shares. Hantz Financial Services Inc. also expanded its stake by 153.4%, owning 451 shares valued at $34,000.
The increasing interest from institutional investors reflects a broader trend, as these entities collectively hold 87.48% of eBay’s stock.
eBay’s Financial Performance and Dividend Announcement
On Tuesday, eBay shares opened at $82.73. The company has demonstrated stability, with a fifty-day moving average price of $88.18 and a 200-day moving average price of $85.15. eBay’s market capitalization stands at $37.39 billion, with a price-to-earnings (P/E) ratio of 17.98 and a beta of 1.29. The stock has fluctuated within a one-year range, hitting a low of $58.71 and a high of $101.15.
In addition to its stock performance, eBay recently announced a quarterly dividend of $0.29 per share, set to be paid on December 12, 2023. Shareholders on record as of November 28, 2023 will receive this payment, reflecting an annualized dividend of $1.16 and a dividend yield of 1.4%. The current dividend payout ratio stands at 25.22%.
Analyst Ratings and Insider Transactions
Several research firms have recently updated their ratings on eBay. Jefferies Financial Group raised its target price from $60.00 to $65.00 while maintaining an “underperform” rating as of October 17, 2023. The Goldman Sachs Group also increased its target from $72.00 to $78.00, assigning a “sell” rating. In contrast, UBS Group set a price objective of $95.00. Truist Financial recently lifted its price target from $86.00 to $92.00, categorizing the stock as a “hold.”
Current consensus ratings show one analyst with a “strong buy” rating, fourteen with “buy” ratings, twenty-one assigning “hold” ratings, and two giving “sell” ratings. The average target price among analysts stands at $94.69.
In related news, eBay’s Senior Vice President, Mazen Rawashdeh, sold 1,910 shares on September 17, 2023, at an average price of $89.31, totaling approximately $170,582.10. Following this transaction, Rawashdeh retained 3,824 shares, valued at $341,521.44, reflecting a 33.31% decrease in ownership.
Moreover, CEO Jamie Iannone sold 7,221 shares on November 5, 2023, at an average price of $81.08, amounting to around $585,478.68. Post-transaction, Iannone holds 235,781 shares, valued at approximately $19,117,123.48, marking a 2.97% reduction in his ownership.
Over the past ninety days, insiders have sold a total of 64,323 shares valued at $5,444,100. Currently, company insiders own 0.64% of eBay’s stock.
eBay Inc. operates marketplace platforms that facilitate connections between buyers and sellers globally, with a strong presence in countries such as the United States, the United Kingdom, China, and Germany. The company’s services include its online marketplace at ebay.com and a suite of mobile applications, further enhancing its accessibility and user engagement.
