Stocks
Prestige Wealth Cuts Amazon Stake Amid Shifts in Institutional Ownership
Prestige Wealth Management Group LLC decreased its position in Amazon.com Inc. (NASDAQ:AMZN) by 12.6% during the first quarter, according to a recent SEC filing.
The institutional investor owned 17,256 shares of the e-commerce giant's stock after selling 2,492 shares during the period. Prestige Wealth Management Group LLC's holdings in Amazon.com were worth $3,594,000 at the end of the most recent quarter.
This move is just one of several changes to institutional ownership in Amazon.com over the past few quarters. Other investors have also been buying and selling shares of AMZN, with some seeing potential for growth in areas such as artificial intelligence (AI) and cloud computing.