10 Best Gig Economy Stocks To Buy

7. eBay Inc. (NASDAQ:EBAY)

Number of Hedge Fund Holders: 38

eBay Inc. (NASDAQ:EBAY) is another e-commerce player on our list. It operates marketplace platforms connecting buyers and sellers globally, much like Etsy, and in doing so, significantly facilitates the gig economy by allowing sellers across the globe to operate their own businesses from home.

In the third week of September, eBay Inc. (NASDAQ:EBAY) hit its 52-week high with a $64 share price, outperforming the broader market. At the same time, the company has been buying back its shares in droves since 2023. Last year, eBay Inc. (NASDAQ:EBAY) repurchased stock worth $1.4 billion, and in the first six months of this year, it bought back another $1.5 billion of stock.

This buyback activity highlights the company’s belief that eBay Inc. (NASDAQ:EBAY) shares are currently undervalued in the market. With a P/E ratio of 13.2 versus the sector median of 17.4, this conclusion seems to be correct. With inflation continuing to cool down, many investors expect e-commerce players to start seeing greater attention and enthusiasm as well, which may mean that eBay Inc. (NASDAQ:EBAY) begins to finally get the attention it deserves.

A total of 38 hedge funds were long eBay Inc. (NASDAQ:EBAY) in the second quarter, with a total stake value of $924.6 million.