Wall Street has been on pins and needles waiting to see whether it would be Amazon or Google to be the first stock to cross the $1,000 threshold. Amazon shares just won the race on Tuesday as shares crossed $1,000 in the first hour of trading. Google isn’t too far behind at $995 a share so investors are still watching it closely.
Amazon is more valuable than any other of the 14 companies that according to FactSet, are U.S. stocks trading above $1,000 per share. Shares of the online retail giant pulled back after hitting this new milestone but the new high is still there regardless. The stock has a 52-week low of $682.12.
Amazon shares have split three times since 1997 when the stock had its IPO. The company blew away on its recent quarterly report with revenue of $35.7 billion and earnings of $1.48 per share.
Amazon shares hit $1,001.20 on Tuesday. Shares are up 30% this year and an amazing 1,500% since 2009. With shares this high, could Amazon be ready for another split?
Apple did something similar when it started trading very high to become affordable for investors again. In June 2014, Apple went through a 7-for-1 stock split which increased its pool of shares by seven times and reduced each share’s price from roughly $645 to $92.
Disclaimer: We have no position in Amazon.com, Inc. (NASDAQ: AMZN) and have not been compensated for this article.