Amazon.com Inc (NASDAQ:AMZN).'s stock rose by 0.38% to $138.60 on Friday, November 3, 2023, marking a six-day winning streak. This gain was in sync with the general upward trajectory of the market, as evidenced by the S&P 500 Index and Dow Jones Industrial Average, both of which also experienced increases during the positive trading session.
Despite closing $7.26 below its 52-week high set on September 14th, Amazon notably outperformed Apple Inc (NASDAQ:AAPL)., which saw a 0.52% share drop on the same day. In contrast, Microsoft Corp (NASDAQ:MSFT). and Alphabet (NASDAQ:GOOGL) Inc.'s shares rose in line with the market trend, posting gains of 1.29% and 1.39%, respectively.
However, it's worth noting that Amazon's trading volume of 43.3 million was significantly below its typical 50-day average volume, falling short by around 11 million. Despite this dip in trading volume, the consistent rise in the company's share price reflects a positive sentiment among investors.
InvestingPro Insights
According to real-time data from InvestingPro, Amazon's market capitalization stands at a staggering 1430.0B USD. The P/E ratio, a key metric in understanding the company's valuation, is noted at 70.74, indicating a high earnings multiple. In the last twelve months as of Q3 2023, Amazon has seen a revenue growth of 10.32%, hitting a total revenue of 554.03B USD.
InvestingPro Tips shed light on the company's performance and future prospects. Analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook for the company. Amazon's net income is expected to grow this year, reinforcing the optimism around its financial health. Despite the high earnings multiple, the company is trading at a low P/E ratio relative to near-term earnings growth, suggesting potential for increased investment value.
InvestingPro offers a wealth of additional tips and insights for Amazon and other companies. For those interested in a deeper dive into Amazon's financials and performance, the InvestingPro platform provides an extensive array of metrics and tips.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.