Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology. Haha, Take it easy. Let us all WIN!
Amazon.com (AMZN) stock closed yesterday at $3,182.63, which was a rise of 3.29%. According to experts, the shares could hit $3,500 by the next earnings season.
American e-commerce multinational technology company, Amazon.com Inc (NASDAQ: AMZN) is stopping at nothing to see its stock scale higher especially during this time of the coronavirus global crisis. Amazon stock has been one of the leading during the market recovery after the March crash that saw most traditional shares loss heavily. As of yesterday, the shares closed the market trading at $3,182.63 after adding $101.52 per share, and have increased by around $10 in the after-hours. The figure marks a new ATH record as the trading time of the week comes to an end today.
In the past 52 weeks, the shares have been ranging between $1,626.03 and $3,193.88, which shows the level of volatility. The $1.54 trillion market cap company as of the time of publication has largely benefited from the ongoing coronavirus that has put most people at home due to social distancing. Its market performance in the past twelve months or so has been satisfying to most of its shareholders, who in turn anticipates continuing scaling higher. Amazon.com stock has gained 58.26% in the past one year, added 72.24% YTD, increased by 55.80% in the past three months, added 25.05% in the past one month, and jumped 10.11% in the last five days.
The company has been scaling its e-commerce business outside the United States as it ventures in more similar companies like Deliveroo, a UK based company. Such acquisitions and many more are going to shield its shares even post COVID-19 once normal life resumes.
What Analysts Think of Amazon Stock
These days Amazon stock is in the center of investors’ attention as experts believe in teh power of teh stock to move higher despite the challenging marker conditions.
According to Chief investment officer at Laffer Tengler Investment, Nancy Tengler, the shares have more room of expansion. She noted:
“While it’s not cheap, it’s not very expensive. The company is benefiting from super-fast sales growth, up 26% year over year, and that’s been able to support the price at these levels, according to our valuation work”.
She explained to CNBC that Amazon has several businesses that are capable of cushioning its revenue in future. Tengler said:
“One is margins, which have been compressed because this faster growth is coming in the lower-margin space, and then secondarily, Amazon Web Services is sort of redoubling their efforts in trying to acquire military contracts. I think they have really felt the pinch from Microsoft Cloud business growing at a faster rate”.
On the other hand, according to a senior technical research analyst at Piper Sandler, Craig Johnson, there are no warning signs in Amazon’s chart despite the bull rally. He underlined:
“On a weekly basis, the shares not too long ago broke out of a big multiyear consolidation. Your momentum is very positive. I suspect when the next earnings season starts, this is a stock where these analysts, which primarily are all bullish, are going to have to be raising their price objectives. And if I just look at a chart and sort of measure things out,…$3,400, $3,500, sort of at minimum, seems like a price objective where this stock could ultimately go to”.
If you want to know more about teh situation on the stock market, please follow the link.