$AMZN Stock Sees 3% Surge Amid Insider Selling
$AMZN stock rose by 3% this week, according to data from Quiver Quantitative. The company's executives have been selling shares, with Jeff Bezos alone offloading nearly $346 million worth of stock.
According to the data, Amazon insiders have made a total of 64 trades on the open market over the past six months. Of these, 0 were purchases and 64 were sales. The largest sale came from Bezos, who sold 1.2 million shares for an estimated $346.5 million.
Other executives who have been selling shares include Andrew Jassy, Douglas Herrington, Matthew Garman, David Zapolksy, Jonathan Rubinsteins, Brian Olsavsky, and Shelley Reynolds. In contrast to these sales, institutional investors added a total of 3,222 shares to their portfolios in the last quarter.
JPMorgan Chase & Co., for example, increased its stake by adding 167 million shares worth an estimated $40 billion. Other significant additions came from Invesco Ltd. and Sixth Street Partners Management Company, L.P.