On Thursday, April 28, the company released its earnings, reporting a net loss of $3.8 billion for the quarter, a considerable drop from the same quarter in 2021 when it earned $8.1 billion in profit. Wedbush continues to hold an Outperform rating on the stock with a price target of $3,500; however, the wealth management company kept other tech names like Google (NASDAQ: GOOG), Microsoft (NASDAQ: MSFT), and Apple (NYSE: AAPL) on its list.
AMZN charts and analysis
After Wedbush removed the stock from their list, the shares fell by roughly 1.5% in premarket trading. During the trading session, the stock continued to fall below the resistance line it created in 2022 at around $2,690. The shares are currently below all daily Simple Moving Averages and are looking to create new resistance lines as it seems; higher volume equates to the sale pressure the stock has seen throughout the previous couple of sessions. Despite some bad news with the earnings and some analysts removing AMZN from watchlists, there is still optimism on Wall Street around the company. This optimism is generally seen in the business’s advertising and cloud computing segments, which are expected to grow. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
