Mystic Asset Management Inc. Takes Aim at Amazon with $6 Million Investment

Mystic Asset Management Inc., an institutional investor, has made a significant investment in Amazon.com, Inc. (NASDAQ:AMZN). In its most recent disclosure with the Securities and Exchange Commission (SEC), the firm revealed it bought 25,661 shares of AMZN's stock during the second quarter, valued at approximately $6,116,000.

This purchase accounts for about 1.3% of Mystic Asset Management Inc.'s portfolio, making Amazon.com its 16th biggest holding. The investment follows a trend of institutional investors increasing their stakes in the e-commerce giant.

Other notable institutional investors have also recently modified their holdings of AMZN. Auto Owners Insurance Co., for instance, grew its position in shares of Amazon.com by an impressive 27,376.7% during the 4th quarter. Bank of New York Mellon Corp purchased a new stake in Amazon.com in the second quarter worth about $16,341,405,000.

Amazon's price performance has been strong, with its fifty day simple moving average at $255.93 and two-hundred day simple moving average at $245.54. The company has a market capitalization of $2.71 trillion, a P/E ratio of 20.21, and a beta of 1.44.