Tourlite Capital Management has posted its second quarter investor letter. Tourlite Capital Management addressed its investment strategy and market outlooks in the letter. The letter referenced the portfolio’s numerous stocks, such as Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) is a multinational retailer headquartered in Seattle, Washington. On August 1, 2022, Amazon.com, Inc. (NASDAQ:AMZN) shares closed at $135.39 per share. Every month, Amazon.com, Inc. (NASDAQ:AMZN) returned 23.58%, while the shares lost -18.72% of their value in the previous 52 weeks. It is worth $1.379 trillion on the market.
In its Q2 2022 investor letter, Tourlite Capital Management mentioned Amazon.com, Inc. (NASDAQ:AMZN) as follows: “Amazon.com, Inc. (NASDAQ:AMZN) is at the forefront of two key secular trends, e-commerce penetration, cloud adoption, and had begun trading at the low end of its historical valuation range on a revenue and EBITDA multiple bases before the overall market correction. Amazon (NASDAQ:AMZN) faced what we consider a one-time headwind after reporting first quarter results. Sell-side estimates for the first half were too high and included Amazon Prime Day, which was moved to the third quarter. In addition, a significant onetime loss resulted from the decline in its stake in Rivin Automotive (NASDAQ:RIVN).”
Amazon.com, Inc. (NASDAQ:AMZN) is ranked first on our list of the 30 Most Popular Stocks Among Hedge Funds. According to our data, 271 hedge funds owned Amazon.com, Inc. (NASDAQ:AMZN) at the end of Q1 of 2022, up from 279 in the previous quarter. Amazon.com, Inc. (NASDAQ:AMZN) shares have gained 8.75 % of their value in the last three months.
About Amazon
Amazon.com, Inc. (NASDAQ:AMZN) is a multinational technology business based in the United States specializing in e-commerce, cloud computing, digital streaming, and artificial intelligence. It has been said to be “one of the world’s most influential economic and cultural forces,” and it is one of its most valuable brands. Along with Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), Meta (NASDAQ:META), and Microsoft (NASDAQ:MSFT), it is one of the Big Five American information technology corporations.
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