AMAZON.

COM INC (AMZN-O)

Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
129.33 (USD) 62.2M 146.57 307.9 -- 3.0% -- 12.5%
2023 June 23 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NASDAQ Exchange
1.3T 81.43 73.6 -- 524.9B 60.4% 31.0%

AVERAGE SCORE
NEUTRAL OUTLOOK: AMZN's current score is Score Averages
relatively in-line with the market. Diversified Retail Group: 5.4 Mega Market Cap: 6.7
Retailers Sector: 5.6 S&P 500 Index: 6.5

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AMZN 4 3 5 5 5
CPNG 5 6 6 5 5
Neutral W 2 3 5 4 5
RVLV 6 5 5 5 4
Negative
ETSY 4 2 2 2 2
2020-06 2021-06 2022-06 2023-06

HIGHLIGHTS I/B/E/S MEAN

- The score for Amazon.com Inc last changed from 4 to 5 on
2023-06-11. Buy Mean recommendation from all analysts covering
53 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was primarily due to
an improvement in the Earnings component score.
Strong Strong
Sell Hold Buy
Sell Buy

PRICE AND VOLUME CHARTS

1-Year Return: 15.0% 5-Year Return: 50.8%

BUSINESS SUMMARY
Amazon.com, Inc. provides a range of products and services to customers. The products offered through its stores include merchandise and content
that it purchased for resale and products offered by third-party sellers. It manufactures and sells electronic devices, including Kindle, Fire tablet, Fire
TV, Echo, and Ring, and it develops and produces media content. It also offers subscription services such as Amazon Prime, a membership program.
Its segments include North America, International and Amazon Web Services (AWS). The AWS segment consists of global sales of compute, storage,
database, and other services for start-ups, enterprises, government agencies, and academic institutions. It provides advertising services to sellers,
vendors, publishers, authors, and others, through programs, such as sponsored advertisements, display, and video advertising. Customers access its
offerings through websites, mobile applications, Alexa, devices, streaming, and physically visiting its stores.

Page 1 of 12
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AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently
using alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment
styles. Additional criteria should always be used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum Insider Trading

OPTIMIZED SCORE
Historically, companies with an Optimized Score
of 6 have tended to perform in-line with the
market over the following 12-month period.
PEER ANALYSIS
As an alternative approach to equally weighting each of the six factors, independent
research firm, Verus Analytics, conducted a backtest to empirically determine an
optimal factor blend. Results and weighting vary across four different market
capitalization categories. For large/mid cap stocks, Fundamental and Earnings
historically provided the most explanatory power among the factors and are weighted
heavily in the Optimized Score. Among the small/micro cap universe, Insider Trading
joined Fundamental and Earnings as the most significant factors to explain returns.
Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2023-06-23) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
5 AMZN 129.33 12.5% 31.0% 15.0% 1.3T 307.9 73.6 -- 0.8% -- Buy 53

5 CPNG 16.60 5.6% 13.6% 33.2% 27.7B 138.3 50.0 -- 1.0% -- Buy 17

2 ETSY 88.93 1.0% -19.2% 13.0% 11.7B -- 36.3 -- -26.9% 16.0% Buy 31

5 W 57.34 62.9% 67.7% 5.9% 4.8B -- -- -- -11.4% -- Hold 38

4 RVLV 15.42 -6.8% -39.3% -47.1% 662M 22.7 24.3 -- 4.6% 23.7% Buy 17

5 BWMX 13.17 9.4% 36.3% 18.5% 485M 12.8 8.7 8.6% 6.2% -- Buy 1

4 HEPS 1.69 67.3% 55.0% 144.3% 406M -- -- -- -15.7% -13.4% Buy 4

6 RERE 2.87 -9.7% 5.9% 0.00% 397M -- 26.8 -- -22.4% -- Buy 2

3 QRTEA 0.87 -5.2% 2.2% -74.6% 354M -- 5.3 -- -21.7% -- Hold 2

5 REAL 1.39 -3.5% 26.4% -55.7% 160M -- -- -- -37.0% -- Buy 11

6 LITB 1.22 -3.2% -15.6% 4.3% 153M -- -- -- -9.8% -- -- --

4.5 Average 29.89 11.8% 14.9% 5.2% 121.3B 120.4 32.1 8.6% -12.0% 8.8% Buy 17.6

PEER COMPANIES
BWMX Betterware de Mexico QRTEA Qurate Retail Inc
CPNG Coupang Inc REAL RealReal Inc
ETSY ETSY Inc RERE ATRenew Inc
HEPS D Market Elektronik Hizmetler RVLV Revolve Group Inc
LITB LightInTheBox Holding Co W Wayfair Inc

Page 2 of 12
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AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

EARNINGS Currency in USD

NEUTRAL OUTLOOK: Mixed earnings Earnings Score Averages

expectations and performance. Diversified Retail Group: 4.9 Mega Market Cap: 6.9
Retailers Sector: 4.5 S&P 500 Index: 6.4

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive W 2 4 10 9 10
CPNG 10 8 9 8 7
Neutral AMZN 5 3 4 5 6
ETSY 7 1 1 2 2
Negative
RVLV 6 4 2 3 2
2020-06 2021-06 2022-06 2023-06

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

CPNG W

RVLV
AMZN
W AMZN
CPNG
AMZN CPNG
ETSY
ETSY

ETSY
RVLV
RVLV

Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (>2%) 2 # Up Revisions 2 # Broker Upgrades 1
# Negative Surprises (<-2%) 2 # Down Revisions 0 # Broker Downgrades 0
# In-Line Surprises (within 2%) 0 Avg Up Revisions 3.8%
Avg Surprise -5.9% Avg Down Revisions 0.00%

HIGHLIGHTS PRICE TARGET

- Amazon.com Inc currently has a relatively neutral Earnings Rating of The chart indicates where analysts predict the stock price will be within
6. The average Earnings Rating for its Department Stores industry is the next 12 months, as compared to the current price.
5.6 and the S&P 500 index average is 6.4.
180 HIGH 12-Month Price Target
- Over the past 4 quarters, the company has reported 2 positive, 2 Mean (USD) 138.00
negative, and 0 in-line surprises. The average surprise for this time 160
High 180.00
period has been -5.9%. Most recently on 2023-04-27, the company 140 129.33 MEAN
reported quarterly earnings of 0.31 per share, a positive surprise of Low 90.00
46.2% above the consensus of 0.21. 120 Target vs. Current 6.7%
100 # of Analysts 44
- AMZN's current quarter consensus estimate has increased over the LOW
past 90 days from 0.33 to 0.35, a gain of 5.8%. This improvement is 80.00
significantly greater than its industry average of -5.0% during the same Current Price Price Target
(USD)
time period.

Page 3 of 12
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AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

EARNINGS PER SHARE

Actuals Estimates
0.600 HIGH

Earnings per share (EPS) is calculated 0.400 0.280 0.310 MEAN Quarterly 23-06 23-09
by dividing a company's earnings by the Mean 0.348 0.397
number of shares outstanding. Analysts 0.200
0.030 LOW
tend to interpret a pattern of increasing High 0.450 0.550
0.000
earnings as a sign of strength and flat -0.200 Low 0.140 0.140
or falling earnings as a sign of -0.200 # of Analysts 36 34
weakness.
-0.400
The charts provide a comparison 22-06 22-09 22-12 23-03 23-06 23-09
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 8.000

6.000 Annual 2023 2024

3.241 Mean 1.577 2.579

4.000 HIGH
High 2.060 4.090
MEAN
2.000 Low 0.930 1.430
LOW
-0.270
0.000 # of Analysts 46 46

-2.000
2021 2022 2023 2024

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: Buy (53 Analysts)
23-06 23-09 2023 2024 Target
Strong Buy 17
Current 0.348 0.397 1.577 2.579 138.00
30 Days Ago 0.345 0.394 1.569 2.540 134.00 Buy 33
90 Days Ago 0.329 0.385 1.419 2.518 134.00 Hold 2
% Change (90 Days) 5.8% 3.1% 11.1% 2.4% 3.0%
Sell 1
Current Fiscal Year End: 23-12
Strong Sell 0
Next Expected Report Date: 2023-07-26

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2023-04-27 2023-03-31 0.310 0.212 46.2%
Negative 2023-02-02 2022-12-31 0.030 0.175 -82.9%
Surprise Type Amount Percent
Positive 2022-10-27 2022-09-30 0.280 0.215 30.2%
Positive Quarters (> 2%) 8 66.7%
Negative 2022-07-28 2022-06-30 -0.200 0.144 -239%
Negative Quarters (< -2%) 4 33.3%
Negative 2022-04-28 2022-03-31 -0.378 0.418 -190.4%
In-Line Quarters (within 2%) 0 --
Positive 2022-02-03 2021-12-31 1.388 0.178 680%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 700B
2023 2024
flat or falling sales and faltering 650B HIGH
earnings may explain a sell MEAN Mean 560.8B 625.8B
recommendation. A rising EPS with flat 600B High 569.8B 649.5B
or falling sales may result from LOW
increased cost efficiency and margins, 550B
Low 543.9B 580.9B
514.0B
rather than market expansion. This Forecasted Growth 9.1% 21.8%
chart shows the sales forecast trend of 500B 469.8B
# of Analysts 46 45
all analysts and the highest and lowest
projections for the current and next 450B
2021 2022 2023 2024
fiscal year.

Page 4 of 12
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AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

FUNDAMENTAL
NEUTRAL OUTLOOK: Fundamentals relatively Fundamental Score Averages
in-line with the market. Diversified Retail Group: 5.6 Mega Market Cap: 6.2
Retailers Sector: 5.4 S&P 500 Index: 5.9

Q2 Q3 Q4 Q1
Fundamental Score Trend Peers 2022 2022 2022 2023 Current 3Y Trend
CPNG 4 4 9 NR 10
Positive
RVLV 9 9 3 NR 8
Neutral AMZN 2 2 4 NR 6

Negative ETSY 6 3 6 NR 4

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 W 3 3 5 NR 1
2020 2021 2022

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

CPNG
RVLV
AMZN
CPNG
ETSY

RVLV
CPNG
AMZN W
AMZN
ETSY

ETSY
W RVLV
W

AMZN
CPNG
ETSY
RVLV
W
Revenue Growth 9.9% Current Ratio 0.9 Oper. Cash Yield 1165% Dividend Growth --
For year over year For interim period For latest 12 months For year over year
ending 2023-03 ending 2023-03 ending -- ending --
Gross Margin 44.7% Debt-to-Capital 36.9% Accruals -8.2% Dividend Payout --
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2023-03 ending 2022-12 ending 2022-12 ending --
Return On Equity 3.0% Interest Funding 4.3% Days Sales In Inv. 49.6 Dividend Coverage --
For interim period For interim period For annual period For annual period
ending 2023-03 ending 2023-03 ending 2022-12 ending --
Net Margin 0.8% Interest Coverage 6.0 Days Sales In Rec. 26.5 Current Div. Yield --
For latest 12 months For interim period For annual period For latest 12 months
ending 2023-03 ending 2023-03 ending 2022-12 ending --

HIGHLIGHTS
- Amazon.com Inc currently has a relatively neutral Fundamental Rating
of 6. The average Fundamental Rating for its Department Stores
industry is 5.6 and the S&P 500 index average is 5.9.
- The company's gross margin has been higher than its industry average
for each of the past five years.
- The company's interest coverage has been higher than its industry
average for each of the past five years.
- The company's days sales in receivables has been higher than its
industry average for each of the past five years.
- Amazon.com Inc does not currently pay a dividend. Of 25 firms within
the Department Stores industry, it is among the 18 companies without
a dividend.

Page 5 of 12
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AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

RELATIVE VALUATION
NEGATIVE OUTLOOK: Multiples significantly Relative Valuation Score Averages
above the market or the stock's historic norms. Diversified Retail Group: 6.8 Mega Market Cap: 4.2
Retailers Sector: 7.3 S&P 500 Index: 4.8

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive W 10 10 10 10 10
RVLV 5 5 6 6 6
Neutral CPNG 4 4 3 3 3
ETSY 3 3 3 3 3
Negative
AMZN 3 4 2 2 2
2020-06 2021-06 2022-06 2023-06

RELATIVE VALUATION INDICATORS

Price to Sales Trailing PE Forward PE
(33.3% weight) (33.3% weight) (33.3% weight)

RVLV
W

CPNG
AMZN RVLV RVLV
ETSY

ETSY
AMZN
AMZN
CPNG
CPNG

ETSY W
W

Price to Sales 2.5 Trailing PE 307.9 Forward PE 73.6

5-Yr Average 3.6 5-Yr Average 81.5 5-Yr Average 74.3
Rel. to 5-Yr Avg. 30% Discount Rel. to 5-Yr Avg. >100% Premium Rel. to 5-Yr Avg. 1% Discount
S&P 500 Index 2.3 S&P 500 Index 25.1 S&P 500 Index 19.8
Rel. to S&P 500 7% Premium Rel. to S&P 500 >100% Premium Rel. to S&P 500 >100% Premium

HIGHLIGHTS
- Amazon.com Inc currently has a Relative Valuation Rating of 2 which
is significantly below the S&P 500 index average rating of 4.8.
- Compared to the Department Stores industry, AMZN is currently
trading at a significant premium based on both Trailing P/E and
Forward P/E.
- AMZN's Trailing P/E of 307.9 represents a >100% Premium to its 5-
year average of 81.5. If the Trailing P/E returned to historical form, the
stock would trade at 34.21.
- AMZN's Forward P/E of 73.6 represents a 1% Discount to its 5-year
average of 74.3.

Page 6 of 12
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AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 2.5 Trailing PE: 307.9
5-Year Average: 3.6 5-Year Average: 81.5
S&P 500 Index Average: 2.3 S&P 500 Index Average: 25.1
Department Stores Industry Average: 1.8 Department Stores Industry Average: 100.0
11.0 >50.0
10.0 45.0
9.0 40.0
8.0 35.0
7.0 30.0
6.0 25.0
5.0 20.0
4.0 15.0
5-Yr Average
3.0 10.0
2.0 5.0
1.0 0.0
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: 73.6 Forward PEG: --
5-Year Average: 74.3 5-Year Average: 2.0
S&P 500 Index Average: 19.8 S&P 500 Index Average: 2.1
Department Stores Industry Average: 57.2 Department Stores Industry Average: 4.7
>50.0 >5.0
45.0 4.5
40.0 4.0
35.0 3.5
30.0 3.0
25.0 2.5
20.0 2.0 5-Yr Average
15.0 1.5
10.0 1.0
5.0 0.5
0.0 0.0
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

Page 7 of 12
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AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

RISK
POSITIVE OUTLOOK: Consistent return Risk Score Averages
patterns (low volatility). Diversified Retail Group: 5.0 Mega Market Cap: 9.0
Retailers Sector: 5.1 S&P 500 Index: 8.7

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AMZN 8 8 8 8 8
ETSY 4 6 6 5 6
Neutral CPNG 3 5 5 5 5
RVLV 5 6 4 4 4
Negative
W 3 2 2 2 3
2020-06 2021-06 2022-06 2023-06

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

AMZN AMZN
AMZN
CPNG RVLV

CPNG
CPNG
ETSY ETSY
ETSY
RVLV RVLV
W
W

ETSY
AMZN
W CPNG
RVLV
W

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 1.59 Correlation vs. S&P 500
Best 4.7% Last 90 Days 2.01 Positive Days Only 1.47 Last 90 Days 45%
Worst -4.2% Last 60 Months 9.95 Negative Days Only 1.54 Last 60 Months 66%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 0.75 Correlation vs. Group
Best 26.9% Average 2.6% Positive Days Only 0.67 Last 90 Days 30%
Worst -26.6% Largest 5.6% Negative Days Only 1.01 Last 60 Months 54%

HIGHLIGHTS RISK ANALYSIS

- Amazon.com Inc currently has a Risk Rating of 8 while the S&P Last 90 Days Last 60 Months
500 index has an average rating of 8.7. Best Worst # # Largest Best Worst
- On days when the market is up, AMZN shares tends to Daily Daily Days Days Intra-Day Monthly Monthly
outperform the S&P 500 index. However, on days when the Peers Return Return Up Down Swing Return Return
market is down, the shares generally decrease by more than AMZN 4.7% -4.2% 39 24 5.6% 26.9% -26.6%
the index.
- In both short-term and long-term periods, AMZN has shown CPNG 4.7% -5.3% 35 28 6.4% 33.2% -33.3%
high correlation (>= 0.4) with the S&P 500 index. Thus, this ETSY 5.6% -6.5% 30 33 7.5% 68.8% -34.8%
stock would provide only low levels of diversification to a
portfolio similar to the broader market. RVLV 8.3% -10.6% 23 38 14.8% 32.1% -47.0%
- Over the last 90 days, AMZN shares have been more volatile W 15.8% -8.5% 35 28 12.8% 132.1% -40.6%
than the overall market, as the stock's daily price fluctuations
have exceeded that of 76% of S&P 500 index firms. S&P 500 2.0% -1.6% 34 27 1.8% 12.7% -12.5%

Page 8 of 12
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AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

PRICE MOMENTUM Currency in USD

POSITIVE OUTLOOK: Strong recent price Price Momentum Score Averages

performance or entering historically favorable Diversified Retail Group: 5.7 Mega Market Cap: 6.8
seasonal period. Retailers Sector: 6.1 S&P 500 Index: 6.1

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AMZN 3 5 8 9 9
ETSY 5 5 9 8 7
Neutral CPNG 5 6 6 6 5
W 3 5 5 5 5
Negative
RVLV 5 3 8 5 4
2020-06 2021-06 2022-06 2023-06

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(50% weight) (50% weight)

AMZN
ETSY
W

AMZN CPNG
CPNG RVLV

ETSY
RVLV
W

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
AMZN Industry Avg Jun Jul Aug
Last 10 Days 67 57 Company Avg 2.2% 7.5% 0.93%
Last 50 Days 61 50 Industry Avg 0.97% 3.4% -1.7%
Last 200 Days 50 47 Industry Rank 54 of 128 23 of 128 110 of 128

PRICE PERFORMANCE
Daily close prices are used to calculate the AMZN AMZN NASDAQ 100
performance of the stock as compared to a
NASDAQ 100 Close Price (2023-06-23) 129.33 14,890
relevant index over five time periods.
52-Week High 146.57 15,185
3.1%
1-Week 52-Week Low 81.43 10,679
-1.3%

1-Month
12.5% - The Price Momentum Rating of 9 for Amazon.com Inc is its
8.9% highest value for the past year.
- On 2023-06-23, AMZN closed at 129.33, 11.8% below its 52-
31% week high and 58.8% above its 52-week low.
3-Month
17%
- AMZN shares are currently trading 12.1% above their 50-day
54% moving average of 115.35, and 25.4% above their 200-day
YTD moving average of 103.14.
36.1%

15%
1-Year
27.3%

Page 9 of 12
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AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

INSIDER TRADING Currency in USD

NEGATIVE OUTLOOK: Recent or longer-term Insider Trading Score Averages

trend of selling by company insiders. Diversified Retail Group: 4.6 Mega Market Cap: 3.7
Retailers Sector: 5.1 S&P 500 Index: 4.2

Insider Trading Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive RVLV NR 5 5 5 5
W 3 3 3 3 3
Neutral ETSY 1 1 1 1 2
AMZN 3 2 3 1 1
Negative
CPNG 1 3 2 1 1
2020-06 2021-06 2022-06 2023-06

INSIDER TRADING INDICATORS

Short-Term Insider Long-Term Insider
(70% weight) (30% weight)

AMZN
W

ETSY
RVLV

W
ETSY
CPNG
AMZN
CPNG
RVLV

Most Recent Buys and Sells (Last 90 Days) Insider Summary (Last 6 Months)
Insider Name Role Tran Date Tran Type Shares Total Shares Acquired 290,959
Selipsky, Adam O 2023-06-06 - 2023-06-07 S 1,000 Total Shares Disposed 195,052
Herrington, Douglas J O 2023-06-01 S 4,000 Net Shares 95,907
Bezos, Jeffrey P H 2023-05-25 P 1 Sector Average 86,873

HIGHLIGHTS MONTHLY BUYS AND SELLS

- Amazon.com Inc currently has an Insider Trading Rating of 1, which is BUYS $ Market Value (Millions)
20
significantly more bearish than both the Department Stores industry
average of 3.46 and the Diversified Retail industry group average of 10
4.61.
0
- Amazon.com Inc's most recent quarterly sell total of $8,658,436 Excludes
represents the highest level of Q2 selling at the company over the past 10 derivative
five years. The average sell total for this quarter is $1,731,687. and option
20 exercises
SELLS
- DOUGLAS J HERRINGTON, one of the most predictive sellers at J A S O N D J F M A M J
AMZN, recently sold 4,000 shares. Historically, AMZN shares have
declined an average of -7.8% in the six months following 2 prior sell
decisions.

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

Inst. % Shares Reported Direct Reported
Institution Name Type O/S Held Date Insider Name Role Shares Value Date
Bezos (Jeffrey P) Strategic 9.7% 991M 2023-05-17 Bezos, Jeffrey P H 991M 115B 2023-05-17
The Vanguard Group Inc Inv Mgmt 7.0% 719M 2023-03-31 Jassy, Andrew R CEO 1.96M 228M 2023-02-17
BlackRock Institutional Inv Mgmt 3.7% 380M 2023-03-31 Herrington, Douglas J O 0.56M 64.9M 2023-05-17
State Street Global Inv Mgmt 3.2% 332M 2023-03-31 Selipsky, Adam O 0.15M 17.4M 2023-05-17
Fidelity Management Inv Mgmt 2.6% 267M 2023-03-31 Clark, David H O 0.13M 15.6M 2022-05-24
Updated daily as of 2023-06-24 Updated monthly as of 2023-05-21

Page 10 of 12
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AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores
DETAILED STOCK REPORT TIPS
The Stock Report from Refinitiv is a comprehensive, company-specific
analysis that includes a proprietary Stock Rating along with underlying
component indicators and supportive data elements. The report is updated
daily, although some of the data elements and the ratings are updated weekly.
Average Score
The Stock Reports Plus Average Score combines a quantitative analysis of six
widely-used investment decision making tools - Earnings, Fundamental, Relative
Valuation, Risk, Price Momentum, and Insider Trading. First, a simple average of
the six underlying component ratings is calculated. Then, a normal distribution is
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is
negative. These six factors may be evaluated differently using alternative
methodologies, and the importance of individual factors varies across groups,
market capitalization and investment styles. Additional criteria should always be
used to evaluate a stock.
A company must have sufficient data available for at least four of the six component
indicators in order to receive an overall Average Score. Approximately 85% of the
stocks within the coverage universe meet the criteria to generate a score.
Optimized Score
As an alternative to the Average Score, the Stock Report includes an Optimized
Score generated by independent research firm Verus Analytics. It uses the same six
component ratings, but rather than equally weighting each of the factors, the
weighting varies by market capitalization of the underlying security based on
backtesting research. These scores are also updated weekly and distributed
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned
monthly by ranking the market capitalization and assigning the appropriate category
as follows:
Large - Top 5.55%
Mid - Next 13.87%
Small - Next 34.68%
Micro - Remaining 45.9%
Indicator Components
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive
an ‘NR’ for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrences of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
● The Refinitiv Business Classification (TRBC) schema is used for industry
comparisons. It is designed to track and display the primary business of a
corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
● The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies classified within that industry.
Highlights
The automated text-generation system from Refinitiv creates highlights
summarizing the most noteworthy data. The bullets will vary by company and will
change from week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises,
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
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DETAILED STOCK REPORT
Report Date: 2023-Jun-24
● Earnings Surprises - The number of positive and negative surprises within the
last 4 quarters.
● Estimate Revisions - The number of up and down revisions and the average
percentage change of those revisions within a 4 week period.
● Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.
Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters and two years. The percentage change
is calculated for the company as a means for comparison by measuring the
difference between the current consensus estimate and that of 90 days ago.
Analyst Recommendations
The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
as provided by I/B/E/S, the Institutional Brokers Estimate System, from Refinitiv.
The recommendations are presented on a five-point standardized scale: strong buy,
buy, hold, sell, and strong sell.
Earnings Surprises
● The surprise summary includes the total number of quarters (and percentage) in
the past 12 quarters in which earnings surprises were positive, negative, or in-
line. In order to be recognized as a positive or negative surprise, the percent
must be greater than 2% above or 2% below the consensus, respectively.
● The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 quarters. The consensus analyst estimate is
provided to determine if the actual earnings report represented a positive
surprise, negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four factors: profitability,
debt, earnings quality, and dividend. Companies that do not pay a dividend are not
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least two of the four fundamental factors present for a given
fiscal quarter in order to receive a score.
● Profitability is comprised of four data elements.
- Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
- Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
● Debt is comprised of four data elements.
- Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Funds from Operations
- Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
Debt + Preferred Cash Dividends)
● Earnings Quality is comprised of four data elements.
- Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
- Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
Average Net Operating Assets
- Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
- Days Sales in Receivables: 365 / (Net Sales / Receivables)
● Dividend is comprised of four data elements. The company must have a current
dividend yield.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
/ Previous Dividends per Share
- Dividend Payout: Dividends per Share / Earnings per Share
- Dividend Coverage: Funds from Operations / Cash Dividends
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays quarterly scores over the past three years.
The best and worst scores over that timeframe can be easily determined from the
values shown on the chart for each quarter.
AMAZON.COM INC (AMZN-O)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2023-Jun-24

Relative Valuation ● Long-Term Insider – Looks at buying, selling and option exercise decisions over
The Relative Valuation Rating is based on a combination of three factors: Price to the past six months relative to other stocks within the same business sector. The
Sales, Trailing P/E, and Forward P/E. Each factor is equally weighted. After the net shares are presented alongside the business sector average as a means of
individual factors are combined, equal deciles are used to rank each stock across comparison.
the market on a scale of 1 to 10, with 10 being most favorable. These common
valuation metrics are evaluated against the overall market, the index, and the Monthly Buys and Sells
company's own historic 5-year averages. A stock needs to have at least one of the The total market value of open-market buying and selling is displayed by month in
three relative valuation factors in order to receive a score. the chart for easy comparison. Transactions by trusts and corporations are
excluded, along with buys greater than $10 million and sales greater than $50
● Price to Sales: Close Price / (Sales for 4 Quarters or 1 Year / Shares million. Transactions for the exercise of derivatives and option exercises are
Outstanding) excluded from the totals.
● Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings
● Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings Institutional Holders
The top five institutional holders of the company are listed in descending order,
Valuation Averages based on their total share holdings. Possible values for the institution type include
Negative values are excluded when calculating the averages. A maximum value of Brokerage, Funds, Inv Mgmt, or Strategic.
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when Executive Holders
calculating the averages. Higher values are rounded down to the maximum for the The top five executive insiders of the company are listed in descending order, based
averages. on their total direct common share holdings (options are not considered). Indirect
holdings are excluded, as the owner may not actually have investment discretion
Valuation Multiples over these shares. This table is updated monthly. Insiders who have not filed any
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and transactions or holdings over the past two years are excluded as this may indicate
Price to Sales for the company and the S&P 500 index average. In addition, a that the individual is no longer associated with the company. Additionally, direct
comparison of the current company’s values to its 5-year average and an industry shares held must be greater than 1,000 to be considered.
average are presented. A discount occurs when the company’s ratio is valued
more favorably (lower) than that to which it is compared. Insider Roles
These role codes may appear in the data for recent insider buys and sells or top
Risk executive holders:
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and AF - Affiliate IA - Investment Advisor
short-term (90-day) stock performance measures including volatility, magnitude of AI - Affiliate of Advisor MC - Member of Committee
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles B - Beneficial Owner MD - Managing Director
are used to rank each stock across the market. A stock needs to have at least two C - Controller O - Officer
of the four risk factors in order to receive a score. CB - Chairman OB - Officer / Beneficial Owner
CEO - Chief Executive Officer OD - Officer / Director
● Magnitude of Returns – The best / worst daily returns in the past 90 days and the CFO - Chief Financial Officer OE - Other Executive
best / worst monthly returns in the past 60 months. CI - Chief Investment Officer OS - Officer of Subsidiary
● Volatility – The standard deviation of the stock price over the last 90 days and CO - Chief Operating Officer OT - Officer / Treasurer
last 60 months, along with the average and largest intra-day stock swing. CT - Chief Technology Officer OX - Divisional Officer
● Beta – Measures the tendency of a security’s returns to respond to swings in the D - Director P - President
market, based on the beta of the company versus the relevant index. DO - Director / Beneficial Owner R - Retired
● Correlation – Determines how closely the returns of the stock and the relevant DS - Indirect Shareholder S - Secretary
index move together, measured over the last 90 days and last 60 months. EC - Member of Exec Committee SH - Shareholder
EVP - Exec Vice President SVP - Senior Vice President
Risk Analysis FO - Former T - Trustee
Price analysis for the company and the S&P 500 is provided over two time periods. GC - General Counsel UT - Unknown
Daily analysis is provided for the last 90 days, whereas monthly statistics are used GP - General Partner VC - Vice Chairman
for the last 60 months. H - Officer / Director / Owner VP - Vice President

Price Momentum
The Price Momentum Rating is based on a combination of two technical DISCLAIMER
performance factors: relative strength and seasonality. The factors are equally
weighted. Equal deciles are then used to rank each stock across the market on a
scale of 1 to 10, with 10 being most favorable. A stock needs to have data for the © 2023 Refinitiv. Republication or redistribution of Refinitiv content, including by
relative strength factor in order to receive a score. framing or similar means, is prohibited without the prior written consent of Refinitiv.
All information in this report is assumed to be accurate to the best of our ability.
● Relative Strength – The relative strength of the company for the last 10 days, 50 Refinitiv is not liable for any errors or delays in Refinitiv content, or for any actions
days, and 200 days on a scale of 1 to 100. taken in reliance on such content.
● Seasonality – The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years. Any forward-looking statements included in the Refinitiv content are based on
A lower industry rank indicates a higher return. certain assumptions and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from current expectations. There is no
Price Performance assurance that any forward-looking statements will materialize.
Daily close prices are used to calculate the price performance of the stock. The
performance of the S&P 500 is also displayed as a means of comparison. The content in this Refinitiv report does not constitute investment advice or a
recommendation to buy or sell securities of any kind. Past performance is not a
Insider Trading guarantee of future results. Investors should consider this report as only a single
The Insider Trading Rating is based on short-term (70% weight) and long-term factor when making an investment decision.
(30% weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.

● Short-Term Insider – Uses insider buy and sell transactions within the past 90
days. This factor is based on the quantitative insider trading model from Refinitiv
that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following
trades by the given insider.

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