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Amazon Prime Day Takeaways: Best Two-Day Period Ever For Third-Party Sales, Inc. (NASDAQ: AMZN) saw its largest two-day period for third-party sales when it hosted its Prime Day event on Tuesday and Wednesday.

What Happened: Third-party gross merchandising value during Amazon’s Prime Day event rose an estimated 60% from last year to $3.6 billion and represented 40% of the estimated $8.95 billion (up 60% year-over-year) in total GMV, BofA’s Justin Post wrote in a note.

Amazon said last year that its platform facilitated the sale of 175 million items but the company didn’t offer a similar metric this year.

Amazon also expanded its Prime Day event from 18 countries last year to 20 this year.

Why It’s Important: Coinciding with Amazon’s event, other retailers hosted their own sales that should be seen as a positive event for the broader e-commerce industry. Most notably, data from Salesforce found that non-Amazon e-commerce sales on Tuesday rose 69% globally and 76% in the U.S. versus last year.

Post said Amazon also underperformed expectations from eMarketer that modeled $10 billion in GMV during Prime Day so estimates just shy of $9 billion might be “somewhat underwhelming.”

What’s Next: Amazon’s GMV growth rate during Prime Day is still positive compared to BofA Securities 31% GMV growth estimate for the fourth quarter.

The analyst maintains a Buy rating on Amazon’s stock with a $3,560 price target.

Latest Ratings for AMZN

Date Firm Action From To
Oct 2020 Morgan Stanley Maintains Overweight
Oct 2020 Morgan Stanley Maintains Overweight
Oct 2020 Mizuho Maintains Buy

View More Analyst Ratings for AMZN
View the Latest Analyst Ratings

© 2020 Benzinga does not provide investment advice. All rights reserved.

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