Amazon.com Sees Major Institutional Investor Support Amid E-Commerce Growth
Oversea Chinese Banking Corp Ltd has taken a significant position in Amazon.com Inc. (NASDAQ: AMZN), purchasing 13,000 shares valued at approximately $3,098,000 during the second quarter. This is just one of several large institutional investors that have added to their stakes in Amazon's stock recently.
According to MarketBeat, Bank of New York Mellon Corp purchased a new position in Amazon.com worth about $16,341,405,000 in the same quarter. Other major investors like Invesco Ltd., Amundi, and Dimensional Fund Advisors LP have also increased their holdings in Amazon's stock.
Amazon's e-commerce business has been growing rapidly, with revenue up 19.6% compared to the same quarter last year. The company reported $5.75 earnings per share for the quarter, beating analysts' estimates by $3.93. Wall Street analysts have a moderate buy rating on Amazon's stock, with an average target price of $323.26.