AMZN Stock Down 0.49%, Jeff Bezos Visited Amazon Facilities amid COVID-19 Concerns

UTC by Steve Muchoki · 3 min read
AMZN Stock Down 0.49%, Jeff Bezos Visited Amazon Facilities amid COVID-19 Concerns
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Amazon (AMZN) stock price traded 8.44% higher today than four months ago. The company has seen a surge in its operation amid the coronavirus crisis, pushing the executives to implement more measures to protect employees from the coronavirus.

Amazon.com Inc (NASDAQ: AMZN) stock has been one of the winning stocks, defying the gravitational pull by the COVID-19 crisis. At the time of writing, the stock price is 0.49 % down. But it is still over 8% higher than four months ago. Trading at $2,032.99, and showing a lot of strength to push even higher, which will be retesting the all-time high and beyond.

The rise in company sales and stock value has come at a price, as the company has been getting a lot of criticism on how it’s handling the employees who continue working amid coronavirus. 

The cry has been loud enough that CEO Jeff Bezos was prompted to pay an impromptu visit to the warehouse and also a food store. Bezos was captured in a video that was posted on Twitter by Amazon news.

However, 42 analyst ratings are on the views, strong buy. In the same category, there are no sell shots, whereby, the least is a hold. As a result of the strong by signal, the average price target by the analyst stands at $2,429.97, whereby the highest forecast was at $27,000 while the lowest stood at $2,150.

On a technical point of view, the bulls are commanding the ring with a higher percentage calling for a rise. The upward channel is well respected, with the price currently retesting the resistance zone of the past three years.

If all fundamentals continue playing out well for the company as they have been, the market price will breakout with a very high speed to reach an all-time high. However, due to the unpredictable nature of the coronavirus that we are dealing with at the moment, there are no guarantees that the rise will be sustained.

Volatility along the way will be high, as investors panic will continue dominating the market price

Amazon and Employees amid COVID-19 Crisis

Last week, Amazon employees from Staten Island, Detroit, New York and Illinois demonstrated demanding the company to close the stores after some colleagues tested positive for the virus. However, the company downplayed the demonstrations, saying only a few of the employees participated.

In order to reassure it, workers, Amazon has announced several measures to implement to protect the employees. First, the company increased the frequency and also the intensity of cleaning of its facilities. Besides, the workers are required to their work station twice a shift.

Secondly, the company has begun taking employees’ temperatures at the time of reporting. In addition, the company has increased and provided the employees with face masks.

Business News, Market News, News, Stocks, Wall Street
Steve Muchoki
Author: Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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