Jeff Bezos, the Executive Chair of Amazon.com Inc. (NASDAQ:AMZN), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Bezos disposed of over 5.8 million shares of Amazon stock, valued at approximately $1.23 billion.
The transactions occurred over two days, from November 6 to November 7, 2024. The sale prices ranged between $200.39 and $211.56 per share. Following these transactions, Bezos retains ownership of over 920 million shares of Amazon stock.
The sales were conducted under a Rule 10b5-1 trading plan that Bezos adopted earlier in the year. This plan allows insiders to set up a trading schedule in advance to sell stocks, thereby avoiding concerns about insider trading.
In other recent news, Amazon.com Inc. is reportedly in talks for a potential second multi-billion dollar investment in artificial intelligence startup Anthropic, highlighting its growing interest in the AI sector. Rivian Automotive (NASDAQ:RIVN) Inc maintains its Q4 gross profit forecast despite a quarterly revenue decline, attributed to a component shortage. The company remains confident in achieving its gross profit target for the fourth quarter. Rivian's steadfast forecast for Q4 profitability is seen as a positive indicator of its ability to manage costs effectively.
The Czech Republic's Rohlik Group has announced a partnership with Amazon for e-grocery services, aiming to bolster its presence in Germany. The integration of product offerings and delivery services with Amazon.de is initially set to roll out in Berlin. Loop Capital has increased its financial outlook for Amazon.com shares, maintaining a buy rating following strong Q3 results.
The United States government has renewed its request for Italy to cancel its digital services tax, which primarily impacts American tech firms such as Amazon. Italian authorities have expressed their intention to keep the tax in place while awaiting the stance of the new U.S. administration. These are recent developments in the global business landscape.
InvestingPro Insights
As Jeff Bezos trims his stake in Amazon.com Inc. (NASDAQ:AMZN), recent data from InvestingPro sheds light on the company's current financial position and market performance. Amazon's market capitalization stands at an impressive $2.19 trillion, reflecting its dominant position in the e-commerce and cloud computing sectors.
The company's stock has shown strong momentum, with a 14.96% price return over the past month and a substantial 26.69% return over the last three months. This upward trend has brought Amazon's stock price to within 98.08% of its 52-week high, indicating robust investor confidence.
InvestingPro Tips highlight that 25 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for Amazon's future performance. Additionally, the company is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.31, potentially indicating an attractive valuation despite its high absolute P/E of 43.63.
Amazon's financial health appears solid, with the ability to cover interest payments through its cash flows and a moderate debt level. The company's revenue growth remains strong at 11.93% over the last twelve months, with an impressive EBITDA growth of 49.46% during the same period.
For investors seeking more comprehensive analysis, InvestingPro offers 16 additional tips on Amazon, providing a deeper understanding of the company's financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.