Cryptocurrency bettors are skeptical that Amazon.com Inc (NASDAQ: AMZN) will reach $300 or higher by the end of August, despite the stock’s steady start to the month.
What is Polymarket Upto?
The betting crowd on Polygon (CRYPTO: POL)-based Polymarket currently assigns only a 16% chance to the possibility. The odds rose over the last day but are down 40 percentage points from a week ago.
Similarly, the odds of AMZN topping $310 fell from 48% to 9% in a week. Traders put the odds at 66% for a close above $270 on August 31, and 81% for a close above $260.
The stock closed at $271.58 on the last trading day in July, and has gained 2.39% month-to-date. Over a 30-day period, Amazon stock has shot up 12.45%. To reach $300, it needs to rise by at least 10% in August.
What Do Analysts Think
The stock carries a consensus "Buy" rating from 30 analysts, with an average price target of $327 and a third-quarter target of $325.
The last five ratings all came with higher price targets and a mix of “Buy” and “Outperform” recommendations.
Alphabet Recorded Strong Q2
The bets follow the company’s better-than-expected second-quarter financials, with both topline and bottom line beating consensus estimates. Amazon expects third-quarter revenue to be between $197 billion and $202 billion, slightly lagging behind average analyst expectations
Amazon has benefited from accelerating demand for its cloud-computing business, particularly as companies increase spending on AI infrastructure.
In other news, New York City Mayor Zohran Mamdani backed a law that would increase oversight of facilities used for last-mile deliveries.
Amazon, however, said it could hurt the small businesses that handle its deliveries across New York City, leading to job losses.
Price Action: Amazon shares dipped 0.39% in after-hours trading after closing 1.32% higher at $278.09 during Monday’s regular trading session.
AMZN stock shows a stronger price trend across the short, medium, and long term, according to Benzinga’s Edge Stock Rankings.
Photo: PJ McDonnell / Shutterstock
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