Institutional Investors Back Amazon Despite Volatile Stock Price
Amazon's stock price has been on a rollercoaster ride lately, but one thing is clear - institutional investors are still backing the e-commerce giant. According to its most recent SEC filing, Secure Asset Management LLC increased its stake in Amazon.com by 10.3% during the second quarter.
The fund purchased an additional 3,499 shares of Amazon's stock, bringing its total holdings to 37,563 shares worth $8,953,000. This represents approximately 1.3% of Secure Asset Management LLC's portfolio and makes Amazon.com its 17th biggest holding.
This is not the only institutional investor that has shown faith in Amazon. Trust Asset Management LLC also increased its holdings in shares of Amazon.com by 3.3% during the second quarter, while Bard Associates Inc. bought a new stake in shares of Amazon.com worth $32,000.