For Amazon’s (NASDAQ: AMZN) stock, November has been the month of mass insider sales as founder and CEO Jeff Bezos has been reducing his stake in the company to the tune of $2 billion per round on average.
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The most recent filing with the SEC indicating the billionaire’s sales covers the period between Friday, November 8, and Monday, November 11, and showcases the sale of nearly 6 million AMZN shares for a pre-tax total of approximately $1.25 billion.
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The eight sales, spread across Friday and Monday, were executed in the range between $206.28 and $209.65. Since the start of the current month, Bezos has sold nearly $6 billion worth of Amazon stock – about 23,000 years worth of working for the e-commerce and technology giant.
Amazon stock insider sales coincide with massive AMZN rally
The Jeff Bezos selling spree – which brought the total number of shares sold in 2024 to $12 billion – came on the heels of several massive Amazon stock price catalysts.
Late in October, the corporation unveiled its latest earnings report and demonstrated a strong forecast beat in most key categories as both revenue – at $158.88 billion – and earnings-per-share (EPS) – $1.43 – came in much higher than expected.
Still, Amazon Web Services (AWS) proved both impressive and a cause for concern the company might be falling behind its competitors in terms of cloud computing and artificial intelligence (AI). Specifically, the revenue came in at $27.4 billion – about $100 million below the forecasts – and growth was slower than that of its peers.
Considering the slight warning from AWS, it might have been all the better for AMZN stock that Donald Trump’s victory in the 2024 presidential election proved a massive market catalyst.
The earnings report sent Amazon shares from $186.40 on October 31 to $199.5 on November 5, while the Republican win propelled them to highs above $210 and, ultimately, their press time price of $208.93.
Amazon stock outlook
Looking ahead, Jeff Bezos is likely to greatly benefit from the fact that, despite selling some 12 million AMZN shares in 2024, he retains ownership of more than 914 million more.
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The general Wall Street analyst outlook for Amazon – particularly when looking at post-earnings rating revisions – is overwhelmingly bullish with firms such as Wedbush and Loop Capital being especially optimistic with their respective price targets set at $250 and $275.
Should the first of the two be reached, Bezos’ Amazon stake would be worth $228 billion and should the latter – and higher – one be hit, it would stand at $251 billion.
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