EBay is quietly rebuilding a growth story that many investors had already written off. After years of stalled marketplace growth, the company is beginning to show clear signs of acceleration across merchandise volume, advertising and focus categories. The recent GameStop takeover bid from Ryan Cohen has put eBay back in the headlines, but the more important story is that the core business is improving on its own. GameStop proposed to acquire eBay at $125 per share in May, and while eBay rejected the offer, GameStop has continued to pursue the deal, creating a layer of optionality on top of an improving operating story. The recovery is being supported by real numbers. In Q1 2026, eBay reported revenue growth of 19% year over year, with GMV growth of 18%. Advertising also continues to scale, with first-party ad revenue up 33%, adding a high-margin lever to the marketplace model. At the same time, eBay’s acquisition of Depop gives the company a foothold in the Gen Z cohort. Depop brings roughly 7 million active buyers, nearly 90% of whom are under 35, giving eBay a fresh growth angle in one of the strongest areas of consumer resale. Against that backdrop, the stock’s looks increasingly constructive, and the next move could be a retest of its recent highs and potentially a breakout to new 52-week highs. Trade timing & outlook EBAY has been building a constructive base above the $105 support level after a sharp move higher earlier this year. Support holding: The stock has repeatedly held the $105 area, suggesting buyers are defending the breakout zone. Upside potential: A sustained move above the $112–$115 range would put the recent highs back in play and open the door to a new 52-week high. Fundamentals eBay trades at a discount to the industry while delivering stronger profitability than peers. The setup is compelling because eBay is not being priced like a high-growth internet platform, yet its margins remain far above the industry average and revenue growth is beginning to reaccelerate. That combination creates room for a valuation reset if management continues to execute. Bullish thesis The marketplace Is reaccelerating: Revenue and GMV growth both returned to double-digit levels in Q1, showing that eBay’s focus-category strategy is finally translating into measurable growth. Advertising is a high-hargin growth lever: First-party advertising revenue grew 33% in Q1, giving eBay a powerful monetization engine layered on top of existing marketplace activity. Depop adds Gen Z and re-commerce optionality: The Depop acquisition expands eBay’s exposure to fashion resale and younger consumers, two areas where the company has historically lacked relevance. Capital returns remain a supportive backstop: eBay returned $639 million to shareholders in Q1 through buybacks and dividends, including $500 million of share repurchases. Options trade To express a bullish income view with defined risk, I’m selling the Aug. 21, 2026 $110 / $100 Put Vertical @ $3.52 Credit. This entails: Selling the Aug. 21, $110 Put Buying the Aug. 21, $100 Put Maximum reward: $352 per contract if EBAY is above $110 at expiration Maximum risk: $648 per contract if EBAY is below $100 at expiration Breakeven: $106.48 This structure benefits if EBAY continues to hold its base above $105 while allowing investors to collect premium near a key technical support zone. View this Trade on OptionsPlay for Updated Pricing Summary eBay is no longer just a mature marketplace trading on buybacks and cost control. The company is showing renewed growth, strong advertising monetization, and new re-commerce optionality through Depop. GameStop’s takeover pursuit adds a headline catalyst, but the more durable thesis is that eBay’s own operating momentum is improving. With the stock building a base above $105 and fundamentals beginning to reaccelerate, EBAY offers an attractive bullish income setup. The short put vertical allows you to monetize premium while positioning around a clear support level as the market reassesses eBay’s retail comeback. DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, or its parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
EBay doesn’t need Ryan Cohen for its comeback. How to profit from the turnaround
