eBay Inc. (EBAY): A Bull Case Theory

We came across a bullish thesis on eBay Inc. on TickerTrends Research’s Substack. In this article, we will summarize the bulls’ thesis on EBAY. eBay Inc.'s share was trading at $87.48 as of February 10th. EBAY’s trailing and forward P/E were 19.40 and 14.77 respectively according to Yahoo Finance.

eBay Inc., together with its subsidiaries, operates marketplace platforms that connect buyers and sellers in the United States and internationally. EBAY appears positioned for a stronger quarter than consensus expectations imply, supported by re-accelerating platform usage and renewed momentum in its high-value collectibles ecosystem. TickerTrends’ revenue forecast signals potential upside versus Wall Street estimates, suggesting current expectations may be too conservative.

A key catalyst is surging engagement in collectibles, highlighted by Logan Paul’s 1/1 Pokémon Illustrator card listing, which has already reached a $4.8 million bid and is likely to generate sustained media attention and incremental traffic over the remaining 33 days of the auction. This marquee listing is not an isolated event but part of a broader inflection across eBay’s collectibles infrastructure, including eBay Core, TCGPlayer, and Goldin Auctions, reinforcing the company’s strategy to dominate enthusiast verticals where authenticity, trust, and network effects matter most. Importantly, TickerTrends data shows U.S. consumer usage rising 2.7% year-over-year, with engagement meaningfully improving into year-end after troughing earlier in the year.

The acceleration in activity predates the recent collectibles hype, suggesting underlying demand was already strengthening before this high-profile catalyst. If collectibles momentum continues to compound alongside improving usage trends, revenue could exceed expectations as operating leverage benefits from incremental transaction volume. With sentiment still anchored to prior softness, the setup presents an asymmetric opportunity: fundamentals appear to be inflecting just as expectations remain subdued, creating the potential for a meaningful revenue beat and a positive re-rating of the stock.

Previously, we covered a bearish thesis on eBay Inc. (EBAY) by Kostadin Ristovski, ACCA in November 2024, which highlighted flat GMV, limited growth prospects, aggressive buybacks, and valuation concerns suggesting overpricing. EBAY’s stock price has appreciated by approximately 42.24% since our coverage. TickerTrends Research shares a contrarian view but emphasizes on re-accelerating usage and collectibles momentum driving revenue upside.

EBay Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held EBAY at the end of the third quarter which was 58 in the previous quarter. While we acknowledge the risk and potential of EBAY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than EBAY and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.