Options Bulls Eye eBay Stock Amid Acquisition Buzz

The acquisition of Adevinta will be one of Europe's biggest buyouts this year

Deputy Editor
Nov 21, 2023 at 2:58 PM
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Options bulls are targeting online marketplace giant eBay Inc (NASDAQ:EBAY) amid today's news. In what will be one of Europe's biggest m&a's this year, eBay-backed online classifieds group Adevinta ASA (ADEA) will be bought out by a private equity consortium including Permira and Blackstone for 141 billion Norwegian crowns ($13.1 billion). In terms of eBay's end of the deal, the company said it would sell half of its shares of Adevinta for an estimated $2.2 billion, exchanging the remaining shares for a roughly 20% stake in the new entity. 

So far today, EBAY has seen 12,000 calls exchanged -- double the amount typically seen at this point -- in comparison to 4,614 puts. The weekly 11/24 40-strike call is the most popular, with new positions being opened there. 

At last check, eBay stock was up 1.6% at $40.07. Recent pressure at the stock's 40-day moving average lingers overhead, as the shares try to distance from their Nov. 8 52-week low of $37.17. Since the start of the year, the equity is down 3.3%. 

EBAY nov21

 

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