SAN JOSE, CA—Edward O. Garcia, the Senior Vice President and Chief Product Officer at eBay Inc. (NASDAQ:EBAY), recently sold 990 shares of common stock, generating $64,548. The shares were sold at a price of $65.20 each on December 17, 2024, as part of a pre-arranged trading plan under Rule 10b5-1. The transaction comes as eBay's stock has shown remarkable strength, with a 48.7% year-to-date return. According to InvestingPro analysis, the company currently appears undervalued based on its Fair Value assessment.
In addition to the sale, Garcia executed several other transactions on December 15, 2024. He acquired 2,745 shares and 3,472 shares of common stock at no cost through the exercise of restricted stock units. These transactions increased his total direct ownership to 46,572 shares before the subsequent sale.
Garcia also disposed of 1,344 and 1,672 shares at $63.84 each to cover taxes, amounting to a total of $192,541. Following these transactions, Garcia holds 46,038 shares of eBay common stock.
In other recent news, eBay Inc. has announced an expansion of its stock repurchase program, adding an additional $3 billion to the existing authorization. This move underscores eBay's commitment to delivering value to its shareholders and reflects its financial strength and future business prospects. Bernstein, a research firm, maintained its positive stance on eBay, reiterating an Outperform rating. This affirmation came following eBay's announcement of the incremental share repurchase program, which is seen as a strong indication of the company's intent.
Several analysts have also adjusted their ratings for eBay. Jefferies downgraded eBay's stock rating from "Hold" to "Underperform," citing concerns over the company's core marketplace profitability, while Truist Securities raised its price target on eBay's shares, citing a positive outlook for the company's Gross Merchandise Volume (GMV) growth.
In terms of financial performance, eBay's GMV rose over 1% to $18.3 billion, and revenue increased by more than 3% to $2.58 billion. These recent developments highlight eBay's strategic focus on growth and its commitment to shareholder value.
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