Short Sellers Hike Their Bets on Amazon
Amazon saw the number of its shares short jump again for the most recent settlement date of June 15.
Amazon.com Inc. (NASDAQ: AMZN | AMZN Price Prediction) saw its short interest jump slightly for the most recent settlement date of June 15. The number of shares short in this stock had been building since mid-October, but in the prior two-week session, short sellers bounced back as the broad markets are hitting new all-time highs.
Some 4.83 million shares were short at the end of the latest period. That was up from the 4.75 million shares on the prior settlement date. In the same period of last year, 3.60 million shares were shorted.
Note that just six months ago, short interest was about half of where it is now, coming in at 2.51 million shares in October. Also in this same period, Amazon’s stock is up less than 10%.
The average daily trading volume for Amazon was 2.58 million shares, which would give short sellers about 1.87 days to cover.
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24/7 Wall St. recently reported on Amazon:
This company is the absolute leader in online shopping and is the newest addition to Jefferies Franchise Picks list of top stocks to Buy. Amazon.com Inc (NASDAQ: AMZN) serves consumers through retail websites, such as amazon.com and amazon.ca, which primarily include merchandise and content purchased for resale from vendors and those offered by third-party sellers.
The company serves developers and enterprises through Amazon Web Services (AWS) that provide computer storage, database, analytics, applications, and deployment services that enable virtually various businesses. AWS is also the undisputed leader in the cloud now, and many top analysts see the company expanding and moving up the enterprise information value chain and targeting a larger total addressable market.
Amazon.com stock traded at around $3,401.46 on Friday, in a 52-week range of $2,630.08 to $3,554.00. The consensus price target is $4,241.33.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
