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Pershing Square Capital Management CEO Bill Ackman increased his bets on two Magnificent 7 stocks in the second quarter, taking a new stake in one and raising his holdings in another.
While one position has yielded nice gains since the end of the second quarter, the other has struggled.
What Happened: Ackman revealed a new position in e-commerce giant Amazon.com Inc (NASDAQ:AMZN) in the second quarter for Pershing Square Holdings.
The hedge funder disclosed that Pershing Square owned 5,826,316 Amazon shares as of the end of the second quarter.
Ackman also disclosed increasing his position in Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), increasing the holdings of Class A shares (GOOGL) by 21%.
Benzinga previously shared that Ackman's bet on Alphabet stock has performed nicely since the end of the second quarter. The same can not be said about Amazon stock.
Amazon stock closed at $219.39 on June 30. The stock now trades at $215.12.
This means Ackman's position in Pershing Square is down $24.88 million since the end of the second quarter.
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What's Next: Amazon is set to report third-quarter financial results soon, with an estimated date of Oct. 30.
Analysts expect the company to report earnings per share of $1.56, up $1.43 from last year's third quarter, according to data from Benzinga Pro.
The company has beaten analysts’ earnings-per-share estimates in more than 10 consecutive quarters.
Analysts expect the company to report third-quarter revenue of $177.62 billion, up from $158.88 billion in last year's third quarter. The company has beaten analyst estimates for revenue in four straight quarters and in nine of the previous 10 quarters overall.
Amazon saw overall net sales increase 13% year-over-year in the second quarter with double-digit gains for each of the North America, International and AWS segments.
The company's pushing more into artificial intelligence and its AWS cloud platform has been a key for overall sales growth and higher margins.
Ackman bet on the company and will likely have some patience. A new 13F from Ackman in November will reveal if the hedge fund manager increased or lowered the stake in Amazon or exited the position all together.
Amazon shares have traded between $161.43 and $242.52 over the last 52 weeks. The yearly lows were reached in April, which means Ackman may have purchased shares at a significantly lower rate than the June 30 price.
He could be up significantly on the purchase. The amount shown above is based solely on the change in position value from the end of the second quarter to the present.
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Image created using artificial intelligence via Midjourney.
