What's Going On With Amazon Stock?

Amazon.com Inc AMZN shares are in the spotlight Monday ahead of Prime day. Here’s what you need to know.

What To Know: Amazon's 2024 Prime Day is set to kick off on Tuesday. Prime members will gain access to millions of exclusive deals spanning more than 35 categories including electronics, kitchen, beauty and apparel. 

U.S. online sales during Amazon’s Prime Day event last year climbed 6.1% year-over-year to $12.7 billion. Amazon said Prime members bought more than 375 million items worldwide during the two-day event in 2023, making it the biggest Prime Day event ever.

Last week, Roth MKM analyst Rohit Kulkarni highlighted a recent conversation with a 20-year e-commerce expert who expressed optimism about Amazon's Prime Day growth accelerating this year compared to 2023.

Roth MKM now expects Prime Day growth of 6% to 9% compared to 2023 and anticipates double-digit growth across nearly all categories in the second quarter on a year-over-year basis. The firm also expects these trends to continue into the second half of the year.

Check This Out: Amazon Gears Up For Prime Day 2024 With $2T Market Cap

How To Buy AMZN Stock

By now you're likely curious about how to participate in the market for Amazon – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of Amazon, which is trading at $193.78 as of publishing time, $100 would buy you 0.52 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

AMZN Price Action: Amazon shares were up 0.65% at $195.75 at the time of publication, according to Benzinga Pro. 

Photo: courtesy of Amazon.