Trade analyst Mike Sacks says the stock is on the cusp of hitting a new all-time high, and that it’s a “tipping point” in the retail market for ecommerce companies.
“This is really, really, incredibly exciting for e-commerce,” he said.
“It’s just really, truly incredible.”
The US retailer says its stock has climbed by more than 5 per cent in the past two weeks, after hitting a low of $20.50 earlier in the year.
The stock has been gaining ground on other major competitors, including Walmart and Walmart.com.
“The stock is getting closer to a $50 level right now,” Mr Sacks said.
Walmart.com has been up almost 5 per, 10 per cent this year, and Amazon has been moving faster than most.
But he said the overall retail market is still in a precarious position.
“There’s been a lot of consolidation in the industry and a lot more consolidation in retail,” he told ABC Radio.
“And, unfortunately, that’s still a challenge.”