Amazon Stock Quiet Amid Crypto Buzz

It is rumored that the company is considering creating its own cryptocurrency

Deputy Editor
Jul 26, 2021 at 9:15 AM
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Amazon.com Inc (NYSE:AMZN) is reportedly moving toward accepting Bitcoin (BTC) as a form of payment, and according to one insider quoted in London's City AM, the company is even considering creating its own digital token. On its website, the e-commerce giant recently posted a job advertisement for a "digital currency and blockchain product lead." AMZN is relatively muted, last seen 0.3% higher at $3,667.89 in pre-market trading. 

At least one analyst had a positive reaction to the news, with Credit Suisse raising its price target on the FAANG name to $4,850 from $4,000. Analysts covering Amazon stock were already bullish coming into today, with all 32 calling the equity a "buy" or better. Plus, the 12-month consensus price target of $4,264.98 is a 16.1% premium to Friday's close, leaving plenty of room for additional upgrades going forward. 

That extreme bullish sentiment can also be seen in the options pits, where calls are popular.  This is per AMZN's 50-day call/put volume ratio of 1.81 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) , which stands higher than all other readings from the past year. 

On the charts, AMZN is recently removed from a July 13 record high of $3,773.08. The security quickly pulled back over the following sessions, but was saved by the 30-day moving average. That same trendline has guided the equity higher since, and is providing support as the stock moves to lock in its fifth-straight daily win. Longer term, Amazon stock boasts a healthy 12.3% rise on the year.

 

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