Amazon (NASDAQ: AMZN) recently reached a new 52-week high following its strong Q3 earnings report. On November 20, the stock hit over $146 per share, the highest it has been since April 2022. Amidst this upward surge, it was revealed that Jeff Bezos, the founder and CEO of Amazon, is considering selling between 8 and 10 million AMZN shares, which could be worth over $1 billion. This potential move has caught the attention of investors in the dynamic stock market landscape.
According to CNBC journalist David Faber, Bezos’s stock-selling strategy is seen as “aggressive” by those familiar with the matter. Just last week, Bezos filed to sell 1.67 million shares of Amazon, but it was marked as “contributions to non-profit organizations,” suggesting that the transaction was not aimed at taking profits.
Currently, Bezos holds around 988.3 million AMZN shares, which are valued at approximately $142.34 billion based on the current market price. This represents a nearly 10% stake in the e-commerce giant.
As of now, Amazon’s stock price stands at $143.90, experiencing a 1.53% decrease in the past 24 hours. Over the past five sessions, the stock has fallen about 2.2%, but its monthly performance shows a positive growth of 13.7%. Year-to-date, AMZN has surged more than 67%, outperforming the gains of the S&P 500.
In terms of technical analysis, the stock is currently above two near-term support levels at $143.3 and $139.5, with a major support line at $133.96 where the 100-day moving average (MA) is located. 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 the content of this article should not be considered investment advice. Investing is speculative, and there is always a risk to your capital.