Why eBay Stock Went Up 12% Last Month
Shares of online marketplace eBay (NASDAQ: EBAY) were up 11.6% in March, according to data provided by S&P Global Market Intelligence. While there wasn't a specific catalyst in March, the company reported full-year financial results for 2023 in late February. And some analysts weighed in positively about eBay stock in March in light of its 2023 report.
Some investors wrongly think that eBay is a business in decline. But the report for 2023 showed it is a stable business. In 2023, gross merchandise volume (the dollar value of sales on the platform) was down just 1% year over year to $73 billion. Revenue was up 3% to over $10 billion. And it consequently earned $2.8 billion in full-year net income -- that's still a big, strong business.
Following the report, Susquehanna analyst Shyam Patil raised his price target for eBay stock by nearly 21% to $52 per share. That's a big raise and likely caused some investors to rethink their skepticism for eBay stock.
Source Fool.com
