Amazon shares reach above $1,000 for the first time

Amazon shares reach above $1,000 for the first timeThere is a race going on between Alphabet and Amazon and lucky for Amazon this month it just took away the price of $1000.

Amazon shares crossed the $1000 per share for the first time ever and this happened on Tuesday. It shows the company has come a long way from the 52 week low at $682.12.

As per Fact Set, there were 14 other U.S. stocks trade above $1,000 per share, and a tech company in the club is Priceline Group, that is now trading around $1,865. Amazon is valuable by more than four times than the other fourteen companies together combined.

Amazon has split three times since 1997. In 1998, it issued a two-for-one stock split. In the year 1999 January, it issued a three-for-one stock split and, in the same year in the month of September, it issued a two-for-one split. In today’s terms, when Amazon hit $1,000, technically it has reached the equivalent of a $12,000 share price.

The topped estimates of Amazon in late April is posted with a revenue of $35.7 billion and the per share earnings is $1.48, thereby sending an upward trend of the stock. Amazon also informed that their sales has increased by 23 percent in this quarter and that the sales of the Amazon web services business has also increased by 42 %, showing a demand of increase for its business in the cloud services.

However, Alphabet is not much behind; the shares of its Class A stock are trading now above $990.

Share this post

Post Comment