OFI Invest Asset Management acquired a new stake in eBay Inc. during the second quarter. The institutional investor purchased 1,092,808 shares of the e-commerce company. This position is valued at approximately $122.1 million.
The investment accounts for 1.2% of OFI's total portfolio. It currently ranks as the firm's 20th largest holding.
eBay recently reported second-quarter revenue of $3.13 billion. This represents a 14.8% increase compared to the previous year.
Accelerating earnings and gross merchandise volume growth are driving the company's marketplace focus. New initiatives like eBay Live and ongoing share repurchases support its current capital return strategy.