Congressman is selling Amazon stock ahead of Q2 results
Anthony Gonzales, the U.S. representative for Ohio's 16th congressional district, has sold shares of Amazon (NASDAQ: AMZN), new filings showed.
It was disclosed yesterday that Gonzales sold Amazon stock worth between $250,000 and $500,000 on June 28. This trade is especially interesting in the context of Gonzales being a member of the House Committee for Science, Space, and Technology.
However, it seems that the timing of the trade isn’t ideal as Amazon stock is up 13% since June 28, when Gonzales made the trade.
It is yet unknown if Gonzales’ Amazon trade is connected with the end-of-quarter timing or because the Ohio Congressman is not impressed with the performance of the e-commerce giant. Another reason that may explain Gonzales’ actions is the fact that Amazon is due to report on its second-quarter performance later this week.
Some analysts are calling for a very bad quarter from Amazon as growth slows. Walmart cut its full-year guidance yesterday as the risk of recession is rising, sending Amazon stock lower as investors anticipate potentially a similar course of action from the e-commerce titan given challenging macroeconomic conditions.
Several research firms, including Credit Suisse, Wedbush, and Oppenheimer, slashed their price targets on Amazon stock heading into the results. Wall Street is expecting Amazon to report earnings per share of $0.13 on revenue of $119.18 billion. Investors’ focus is very likely to be on the forward-looking commentary and the guidance itself.
Amazon stock price is down almost 30% since the start of the year and about 25% since the beginning of 2021.
Yesterday’s filing marks the first trade reported by Gonzales since April 2021, when he disclosed a stake in GoodRx Holdings (NASDAQ: GDRX).