Market News

eBay (NASDAQ:EBAY) Acquires myFitment to Enhance Automotive Parts Sales

Story Highlights

eBay acquires myFitment for an undisclosed amount to mark its position in the growing online automotive parts market. Meanwhile, enthused by the company’s recent moves, top investors are bulking up on the company’s stock.

Leading online marketplace eBay Inc. (NASDAQ:EBAY) has acquired the myFitment group of companies. myFitment is an eCommerce platform that offers software tools to sellers of automotive and powersports parts and accessories.

The financial terms of the deal were not disclosed.

eBay’s Move to Make it a Leading Online Player in Auto Accessories

The online automotive parts and accessories market is expected to reach a whopping $140 billion by 2027 from its current market size of about $19 billion. To that end, eBay’s move to acquire a leading player in this space, such as myFitment, aligns with the company’s growth strategy.

Notably, myFitment’s tools help sellers by ensuring that customers order the right parts and accessories for their vehicles, resulting in minimal returns and increasing buyer satisfaction.

Meanwhile, eBay’s acquisition spree continues. Recently, the online commerce pioneer purchased TCGplayer for $295 million. TCGplayer is an online marketplace for collectible card game enthusiasts.      

Investors are Loading up on eBay Stock

Top investors remain confident about eBay’s prospects, and they are loading up on the company’s stock.

TipRanks’ Stock Investors tool shows that top investors currently have a Very Positive stance on EBAY. Furthermore, 7.7% of the top portfolios tracked by TipRanks, increased their exposure to EBAY stock over the past 30 days.

Is eBay Stock Worth Buying?

Overall, the Wall Street community is cautiously optimistic about EBAY stock, with a Moderate Buy consensus rating based on eight Buys, 11 Holds, and two Sells. The average EBAY stock price prediction of $53.89 implies 18.6% upside potential from current levels. Shares have declined 37.6% over the past year.

Final Thoughts

With the addition of myFitment to its portfolio, eBay can make its presence felt in the automotive parts space. The presence of such tech-based tools, along with the other recent buyouts, will help the company differentiate itself from rival online marketplaces.

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