On Wednesday, May 25, most of Amazon’s (NASDAQ: AMZN) shareholders voted against each of the 15 investor-led resolutions. The resolutions aimed to challenge company policies including its treatment of workers and use of nondisclosure agreements.
Furthermore, the number of investor resolutions was a record for the company, as socially-minded investors examine the way workers are being treated.
Meanwhile, this all comes when the company’s shares haven’t been performing all that well, losing over 31% year-to-date (YTD), and analysts are taking a knife to the stock for the first time in a long while.
AMZN technical levels
In May, AMZN shares lost over 5%, crossing over the 20-day Simple Moving Average in the most recent trading session.
If high volumes are noted the first resistance is at $3,104.92 observed by a trend line in the weekly time frame. If the stock breaks below and reaches the cross-over point at $2,307.37, more pain could then be expected, with the next pivot point sitting at $2,286.41.
Meanwhile, analysts still hold a ‘strong buy’ consensus on the shares. The average price prediction for the next 12 months is at $3,613, which is 55.70% higher than the current trading price of $2,320.28.
Amazon seems to have lost the aura of the all-powerful giant, with shareholders siding with workers and questioning the business’ practices.
If shareholders decide to pull the plug on the stock due to mistreatment of workers, ESG concerns, and other social issues, we could see further re-rating of the shares.
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