eBay Inc (EBAY) Beats Earnings Ahead Of PayPal (PYPL) Split, $1B Added To Buybacks

What have hedge funds been doing with eBay Inc (NASDAQ:EBAY)?

According to hedge fund experts at Insider Monkey, Icahn Capital LP, managed by the aforementioned Carl Icahn, holds the most valuable position in eBay Inc (NASDAQ:EBAY). Icahn Capital LP has a $2.67 billion position in the stock as of March 31, made up of 46.27 million shares, and comprising 8.3% of its 13F portfolio. Sitting in second is Barry Rosenstein of JANA Partners, with a $1.15 billion position of 20.0 million shares; 6.7% of his fund’s 13F portfolio is allocated to the company. Other members of the smart money that are bullish contain William B. Gray’s Orbis Investment Management, Daniel S. Och’s OZ Management, and Seth Klarman’s Baupost Group.

With a general bullishness amongst the heavyweights, key hedge funds were leading the bulls’ herd. Emerging Sovereign Group, managed by J Kevin Kenny Jr, initiated the largest position in eBay Inc (NASDAQ:EBAY). Emerging Sovereign Group had $248.4 million invested in the company at the end of the quarter, buying 4.31 million shares. Kenneth Mario Garschina’s Mason Capital Management also made a $238.5 million investment in the stock during the quarter, buying 4.13 million shares. The following funds were also among the new eBay investors: Dan Loeb’s Third Point, Fir Tree, founded by Jeffrey Tannenbaum, and John Lykouretzos’ Hoplite Capital Management.

With hedge funds bullish on the firm as it continues to streamline and strengthen its business, we recommend a long position in eBay Inc (NASDAQ:EBAY) as it prepares to begin life sans PayPal.

Disclosure: None