Amazon (NASDAQ: AMZN) recently reached a new 52-week high as part of a broader market rally following its strong Q3 earnings report.
On November 20, the stock hit over $146 per share, the highest level since April 2022.
Interestingly, amidst this surge, it was revealed that Amazon’s founder and CEO, Jeff Bezos, is considering selling up to 10 million AMZN shares. This potential move will be closely watched by investors in the dynamic stock market landscape.
According to CNBC journalist David Faber, Bezos’s plan to sell between 8 and 10 million shares could be worth over $1 billion. This is part of Bezos’s “aggressive” stock-selling strategy, as confirmed by sources familiar with the matter.
Last week, Bezos filed to sell 1.67 million shares of Amazon, but it was not aimed at taking profits. The filing was marked as “contributions to non-profit organizations.”
Currently, Bezos holds around 988.3 million AMZN shares, which are valued at approximately $142.34 billion at the current market price. This represents a nearly 10% stake in the e-commerce giant.
As of now, Amazon’s stock is priced at $143.90, down 1.53% in the past 24 hours.
Over the past five sessions, the company’s stock has fallen about 2.2%, but its monthly performance shows a positive growth of 13.7%.
Year-to-date, AMZN has surged over 67%, outperforming the gains of the S&P 500, which stands at 18.7%.
In terms of technical analysis, the stock is currently above two near-term support levels at $143.3 and $139.5. There is also a major support line at $133.96 where the 100-day moving average (MA) is situated.
On the upside, Amazon’s shares face a resistance zone between $145.9 and $147.4. Breaking through this barrier would allow the stock to reach a new 52-week high.
Please note that this content should not be considered investment advice. Investing carries risks, and your capital is at risk.