Amazon’s Stock Price (AMZN) Moves Red YTD, 10% Down From Earlier Highs
Amazon.com’s stock price (AMZN) shed 1.84% to close at $219.36, moving AMZN red on a year-to-date basis. This marks a stark contrast to the optimism surrounding the stock earlier in the year when it reached its 52-week high of $242.52 in early February.
The current AMZN price sits ~10% below this peak, raising questions about the factors driving this downward trend, as analysts continue to remain bullish, with a consensus target of $241.82.
Several elements appear to be converging to pressure AMZN’s share price. One of the most prominent is the ongoing sale of Amazon stock by its founder and Executive Chairman, Jeff Bezos.
In May, Bezos announced plans to sell up to 25 million shares, valued at approximately $4.75 billion, through…
