Power Wealth Management Trims Stake in Amazon.com Amid Earnings Growth

Power Wealth Management LLC has trimmed its position in Amazon.com, Inc. (NASDAQ:AMZN) by selling 2,127 shares in the second quarter. The institutional investor now owns 13,921 shares of the e-commerce giant's stock after the sale, which makes up approximately 1.2% of Power Wealth Management LLC's portfolio. This is the company's 15th biggest position.

The total value of Power Wealth Management LLC's holdings in Amazon.com was $3,318,000 at the end of the most recent reporting period. Other institutional investors have also modified their holdings in AMZN recently. Burford Brothers Inc. lifted its stake in shares of Amazon.com by 1.6% during the 2nd quarter and now owns 23,782 shares worth $5,668,000.

Additionally, AXQ Capital LP lifted its holdings in Amazon.com by 372.8% during the 2nd quarter and now owns 18,192 shares valued at $4,336,000. Montz Harcus Wealth Management LLC boosted its position in Amazon.com by 0.6% in the 2nd quarter and now owns 23,998 shares worth $5,720,000.

Amazon.com's stock price has been influenced by various factors recently. The e-commerce giant reported $5.75 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $3.93. Revenue for the quarter was up 19.6% compared to the same period last year.