Amazon (NASDAQ: AMZN) recently reached a new 52-week high as the broader market rallied, fueled by the momentum gained from its strong Q3 earnings report.
On November 20, the stock climbed to over $146 per share, marking its highest point since April 2022.
Interestingly, amidst this upward surge, it was revealed that Jeff Bezos, the founder and CEO of Amazon, is considering selling up to 10 million AMZN shares. This potential move is closely watched by investors in the dynamic stock market landscape.
According to CNBC journalist David Faber, Bezos’s sale could be worth over $1 billion. This aligns with Bezos’s “aggressive” stock-selling strategy, as shared by sources familiar with the matter.
This potential sale comes just a week after Bezos filed to sell 1.67 million shares of Amazon. However, it appears that this 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, 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, experiencing a 1.53% decline in the past 24 hours.
Although 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 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. A major support line is situated 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 enable 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 a risk of capital loss.