Amazon stock trades at $3,288.62, down significantly from its 52-week high of $3,773.08. Is this an opportunity to buy the dip?
Amazon stock price has been in the correction territory lately. If you want to make a decision regarding buying or selling Amazon shares, make sure you check the next sections below. We’ll dive down into Amazon’s stock potential, and why it is down 4.88% this past month.
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What Is Amazon?
Amazon is an American tech giant. Apart from its popular e-commerce platform, the company has also invested in different nascent technologies, including artificial intelligence, digital streaming, and cloud computing.
Should I Buy Amazon Today?
Most analysts believe that Amazon is still in a bullish run, despite the drop last Monday. The truth is that the stock markets have had a rough time lately, with many stocks being sold off as rising economic fears, including increasing wages and interest rates, affected most investors.
Amazon is subject to increased wage risks since it’s massively hiring new employees ahead of the holiday season. However, these expansionary activities may not be all about bad news: the company is expected to increase its market share, improve the shipping speed, and become more powerful in the long term.
Amazon Price Prediction 2021
Most analysts believe that Amazon’s share price will reach $4,100 in the next 12 months. However, some also believe that growing wages will take a toll on Amazon’s profitability, which may also impact its share price growth.