Pinnacle Associates Ltd. Makes New Investment in eBay Inc. (NASDAQ:EBAY)

Posted by Defense World Staff on Apr 21st, 2023

Pinnacle Associates Ltd. bought a new position in shares of eBay Inc. (NASDAQ:EBAY – Get Rating) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,973 shares of the e-commerce company’s stock, valued at approximately $206,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quadrature Capital Ltd purchased a new position in shares of eBay during the 3rd quarter worth approximately $1,921,000. Alta Advisers Ltd purchased a new stake in shares of eBay in the 3rd quarter worth approximately $74,000. Louisiana State Employees Retirement System purchased a new stake in shares of eBay in the 3rd quarter worth approximately $2,386,000. Aigen Investment Management LP grew its stake in shares of eBay by 41.1% in the 3rd quarter. Aigen Investment Management LP now owns 47,227 shares of the e-commerce company’s stock worth $1,738,000 after buying an additional 13,755 shares during the last quarter. Finally, Clarius Group LLC grew its stake in shares of eBay by 5.9% in the 3rd quarter. Clarius Group LLC now owns 9,734 shares of the e-commerce company’s stock worth $358,000 after buying an additional 538 shares during the last quarter. Hedge funds and other institutional investors own 85.51% of the company’s stock.

eBay Price Performance

Shares of eBay stock opened at $43.38 on Friday. eBay Inc. has a one year low of $35.92 and a one year high of $55.86. The stock’s fifty day moving average is $44.48 and its 200 day moving average is $43.63. The stock has a market cap of $23.29 billion, a P/E ratio of -20.37, a P/E/G ratio of 1.44 and a beta of 1.35. The company has a debt-to-equity ratio of 1.50, a quick ratio of 2.18 and a current ratio of 2.18.

eBay (NASDAQ:EBAY – Get Rating) last announced its earnings results on Wednesday, February 22nd. The e-commerce company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.01. eBay had a positive return on equity of 34.14% and a negative net margin of 12.96%. The company had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same period last year, the firm earned $0.89 EPS. eBay’s revenue for the quarter was down 3.9% compared to the same quarter last year. Sell-side analysts anticipate that eBay Inc. will post 3.32 earnings per share for the current year.

eBay Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 24th. Shareholders of record on Friday, March 10th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Thursday, March 9th. This is a positive change from eBay’s previous quarterly dividend of $0.22. eBay’s dividend payout ratio is presently -46.95%.

Analysts Set New Price Targets

Several analysts recently weighed in on EBAY shares. Susquehanna upped their price target on eBay from $42.00 to $43.00 and gave the stock a “neutral” rating in a research note on Monday, February 27th. StockNews.com downgraded eBay from a “buy” rating to a “hold” rating in a research note on Tuesday, April 11th. Benchmark cut their price target on eBay from $62.00 to $58.00 and set a “buy” rating on the stock in a research note on Thursday, February 23rd. Deutsche Bank Aktiengesellschaft cut their target price on eBay from $55.00 to $50.00 in a research note on Thursday, February 23rd. Finally, Credit Suisse Group increased their target price on eBay from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, February 21st. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $49.13.

eBay Company Profile

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eBay, Inc is a commerce company, whose platforms include an online marketplace and its localized counterparts, including off-platform businesses in South Korea, Japan, and Turkey, as well as eBay’s suite of mobile apps. Its technologies and services are designed to give buyers choice and a breadth of relevant inventory and to enable sellers worldwide to organize and offer their inventory for sale, virtually anytime and anywhere.