Senator Markwayne Mullin, a Republican representing Oklahoma, has recently made headlines by purchasing shares of Amazon.com, Inc. (NASDAQ:AMZN). In a filing made public on January 16, 2024, Mullin disclosed that he acquired between $100,001 and $250,000 in Amazon stock on December 29, 2023. This transaction reflects a growing trend of political figures investing in major technology companies.
During midday trading on Friday, shares of Amazon rose by $0.94, reaching $239.12. Trading volume saw a significant increase, with nearly 45.8 million shares exchanged, surpassing the average volume of approximately 33.5 million. Amazon currently boasts a market capitalization of $2.56 trillion, with a price-to-earnings (P/E) ratio of 33.77 and a beta of 1.37. The company’s stock has fluctuated between a one-year low of $161.38 and a one-year high of $258.60.
Recent Insider Transactions and Hedge Fund Activity
In related developments, insider trading has been notable at Amazon. On October 31, 2023, CEO Douglas J. Herrington sold 22,000 shares at an average price of $250.03, totaling about $5.5 million. Following this transaction, Herrington’s ownership decreased to 493,507 shares, valued at approximately $123.4 million. Similarly, CEO Matthew S. Garman sold 17,768 shares on November 21, 2023, receiving $3.85 million for shares previously held.
Over the last quarter, Amazon insiders have sold a combined 79,734 shares, valued at around $18.5 million. Currently, insiders hold 9.70% of the company’s stock.
Hedge funds have also been active regarding Amazon shares. Wilson Asset Management International PTY Ltd. acquired a new stake worth $11.1 million in the second quarter, while ARK Investment Management LLC increased its stake by 8.3%, now holding 1,140,494 shares valued at approximately $250.2 million. Other notable increases in holdings were reported by Buckhead Capital Management LLC and Border to Coast Pensions Partnership Ltd.
Analyst Ratings and Market Sentiment
Market analysts have varied opinions on Amazon’s stock. The Goldman Sachs Group recently raised its price target from $290.00 to $300.00, maintaining a “buy” rating. Conversely, Wall Street Zen downgraded Amazon from a “buy” to a “hold” rating. As of now, 56 analysts have assigned a “buy” rating, while four have rated it as a “hold.” The overall consensus rating stands at “Moderate Buy,” with a target price of $295.96 according to MarketBeat.com.
These developments come as Amazon continues to diversify its offerings beyond e-commerce into areas such as cloud computing and digital media. Founded by Jeff Bezos in 1994, Amazon has evolved into a leading global retail platform and technology provider.
Senator Mullin, who took office on January 11, 2023, has a background that includes running his family’s plumbing business and experience as a professional mixed martial artist. His investment in Amazon reflects a trend of lawmakers engaging with the financial markets. As the landscape of technology investments evolves, the implications of such transactions will continue to garner attention.
This series of transactions and purchases highlights the intricate relationship between politics and business, as well as the ongoing interest in leading technology companies.
