Amazon stock rose after it announced 100,000 new hires and internal raises
After it was announced that it would hire 100,00 new workers and give raises to current employees, shares of Amazon Inc (NASDAQ:AMZN) are up 3.1%, last seen trading at $1,741.22. The pre-market rise came despite news yesterday that Prime members should expect “out-of-stock” household items and delays for what would typically be one-day deliveries as the company tries to get a handle on the influx of new orders coming in due increased fears of quarantines amid the coronavirus pandemic.
Amazon stock experienced a record high $2,185.95 on Feb. 11, but since the, the e-commerce specialist has seen a gradual decline aided by a series of bear gaps along the way. AMZN is now facing off with its 10-day moving average, a trendline that’s served as both support and resistance in the last 12 months.
To say analysts are bullish on Amazon stock would be a massive understatement. Of the 34 reporting analysts, a whopping 33 sport a “buy” position or better. Just one analyst recommends a “hold” position. Additionally, the consensus 12-month price target of $2,400.96 currently sits at a healthy 42.14% premium to current levels.
Calls rule the roost in the options pits. AMZN sports a 50-day call/put volume ratio of 1.49 at the the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits higher than 86% of all other readings from the past year, implying a much bigger appetite for calls of late.