The stock of Amazon.com, Inc. (NASDAQ:AMZN) is now priced at $3346.49 and the shares are 39.03 points up or 1.18% higher compared to its previous closing price of $3307.46. The stock had 3.993 million contracts set over the past session. AMZN shares’ daily volume is compared to its average trading volume at 4.568 million shares. However, it has a float of 426 million and although its performance was 1.03% over the week, it’s one to watch. Analysts have given the AMZN stock a yearly average price target of $3630.41 per share. It means the stock’s upside potential is 8.48% with the AMZN share price recently placing at $3267 to $3357.4. However, some brokerage firms have priced the stock below the average, including one that has called $2646.
The shorts are running away from the Amazon.com, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the AMZN shares have declined. Short interest in the stock represents just 0.72% of its float, but the volume has dropped by -878651. The volume of shorted shares dropped to 2.208 million from 3.086 million shares over the last two weeks. The average intraday trading volume has been 3.506 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Amazon.com, Inc. (NASDAQ:AMZN) raised by $34 over the week and gained $346.16 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3380.31. The stock recorded its established 52-week high on 08/24/20.
Since 03/16/20, the stock has traded to a low of $1626.03 at 105.81%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.33. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Amazon.com, Inc.’s two-week RSI is 66.52. This suggests that the stock is neutral at the moment and that AMZN shares’ price movement remains stable. The stochastic readings are equally revealing at 83.67% meaning the AMZN share price is currently in oversold territory.
The technical chart shows that the AMZN stock will likely settle at between $3380.26 and $3414.03 per share. However, if the stock dips below $3289.86, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3233.23.
Currently, the stock is trading in the green of MACD, with a reading of 57.28. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Wedbush though raised target price of AMZN stock from $3500 to $3700 but maintained Outperform recommendation in their July 31 review. UBS analysts see the stock as a Buy, but they also raised the share’s target price from $3000 to $4000 in a flash note released to investors on July 31. Telsey Advisory Group analysts see the stock as Outperform. Nonetheless, the analysts revised the share prices up on July 31, placing it at $4000 from $3600.
The average rating for the AMZN equity is 1.73 and is currently gathering a bullish momentum. Of 50 analysts tracking Amazon.com, Inc. polled by Reuters, 4 rated AMZN as a hold. The remaining 46 analysts were split evenly. However, the split wasn’t equal as a majority (45) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the AMZN stock price is 75.83X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 128.6 above the group’s average of 68.7. Amazon.com, Inc. has its P/E ratio at 22.7, which means that the stock is currently trading at a premium relative to the 15.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Amazon.com, Inc. (NASDAQ:AMZN) will increase by about 3.89%, which will see them reach $92400 million. The company’s full-year revenues are, however, expected to increase by about 31.16%, up from $281000 million to $368000 million. AMZN’s expected adjusted earnings should surge almost 71.16% to end up at $7.24 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 37.33% to record $31.6/share.