11 Best Gig Economy Stocks to Buy According to Hedge Funds

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9. eBay Inc. (NASDAQ:EBAY)

No. of Hedge Fund Holders: 43

eBay Inc. (NASDAQ:EBAY) is a major e-commerce player that allows individuals and small business owners to operate their businesses from home. The company allows business owners to operate through the marketplace and connect with buyers and sellers globally, thus significantly facilitating the gig economy.

On January 3, Citigroup analyst Ygal Arounian reiterated a Buy rating on EBAY shares and kept a $75 price target for the shares. The analyst reaffirmed the rating on the stock following the announcement of a strategic partnership with Meta Platforms. eBay will integrate its listing into Facebook Marketplace, potentially broadening the company’s customer base.

In Q3 2024, eBay reported having 133 million active buyers on its platform. As Facebook boasts over 1 billion monthly visitors, eBay will benefit from such a large user base, indicating a substantial opportunity for growth. The company will control and manage all aspects of the transactions, from product inquiries to payment processing. Arounian believes that this collaboration will be a net positive for eBay and its B2C and C2C sellers.

The company’s projected revenue of between $2.5 billion and $2.6 billion for Q4 2024 is below the analysts’ estimates. However, heading into 2025, eBay Inc. (NASDAQ:EBAY) could potentially gain momentum following its partnership with Meta Platforms.

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