Amazon Stock Surges on Blowout Earnings, Bull Notes

AMZN earned at least six price-target hikes this morning

Digital Content Manager
Feb 4, 2022 at 10:26 AM
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After Meta Platforms' (FB) dismal earnings results dragged the major indexes lower yesterday, Amazon.com, Inc. (NASDAQ:AMZN) is trying to inject some positivity back into the market today. The FAANG concern stepped into the earnings confessional to report much better-than-expected fourth-quarter earnings of $5.80 per share, though it just barely missed revenue expectations. However, the company posted 40% revenue growth for Amazon Web Services (AWS), and hiked Prime subscription prices in the U.S.

The brokerage bunch is already chiming in with bull notes. The security earned at least six price-target hikes this morning, including one from J.P. Morgan Securities to $4,500 from $4,350. Analysts are overwhelmingly bullish towards AMZN, with all 31 in question calling it a "buy" or better, while the 12-month consensus target price of $4,118.70 is a 34% premium to current levels.

Last seen up 10.8% to trade at $3,077.40, Amazon.com stock is eyeing its best day in roughly four years. Today's pop has the shares looking to overcome pressure from the 20-day moving average. Longer term, AMZN still carries a 6.7% year-over-year deficit. 

A shift in the options pits may keep the tailwinds blowing for AMZN. The stock sports a 10-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 97% of readings from the past year. This means puts have been getting picked up at a much quicker-than-usual clip. 

Drilling down to today's options activity, 130,000 calls and 116,000 puts have crossed the tape, which is four times the intraday average. Most popular is the weekly 2/4 3,000-strike put, followed by the 3,200-strike call in the same series, with new positions being opened at both.
 

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