Amazon hits $1,500 for the first time ever
Amazon is unstoppable right now.
Jeff Bezos’ machine touched $1,500 a share Wednesday for the first time ever. Amazon’s stock is up 27% in 2018 even though the broader market is about flat on the year.
The company’s market value is now $718 billion, trailing only Apple and Google. Amazon recently surpassed Microsoft, which is now in fourth place.
Amazon’s stock has raced out of the gate this year after reporting stellar earnings earlier this month. The company announced a profit of nearly $2 billion, the largest in its history and the first time it topped $1 billion in a quarter.
The company has muscled into the grocery industry with its Whole Foods acquisition, built a profitable cloud computing business and expanded its physical footprint with bookstores and a new automated convenience store.
Bezos also announced a partnership with Warren Buffett and Jaime Dimon on a venture to fix the health care industry earlier this month.
Amazon won’t come as a bargain to investors though.
The company’s price-to-earnings ratio, a measure of how expensive its stock is compared to every $1 of earnings, is 323. The S&P 500’s average price-to-earnings ratio is 22.