Amazon (NASDAQ: AMZN) recently reached a new 52-week high following its strong Q3 earnings report, contributing to a broader market rally.
On November 20, the stock hit over $146 per share, marking its highest point since April 2022.
In the midst of this upward surge, it was revealed that Jeff Bezos, Amazon’s founder and CEO, is considering selling between 8 and 10 million AMZN shares. This potential move has garnered significant attention from investors in the dynamic stock market landscape.
According to CNBC journalist David Faber, this transaction could be worth over $1 billion, representing part of Bezos’s “aggressive” stock-selling strategy.
Interestingly, just a week ago, Bezos filed to sell 1.67 million shares of Amazon. However, it was noted that the transaction was not aimed at taking profits as the filing was marked as “contributions to non-profit organizations.”
Currently, Bezos holds around 988.3 million AMZN shares, amounting to a nearly 10% stake in the e-commerce giant and valued at approximately $142.34 billion.
As of writing, Amazon’s stock stands at $143.90, experiencing a 1.53% decrease in the past 24 hours.
While the stock has fallen about 2.2% in the past five sessions, 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, which sits at 18.7%.
In terms of technical analysis, the stock currently resides 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 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 the content of this article should not be considered investment advice, as investing is speculative and involves risk.