Shares of Amazon (NASDAQ: AMZN) rose 3.7% Monday to $683.85 U.S.
That follows a near-10% pop on Friday after Amazon reported a better-than-expected profit. The stock has operated in a 52-week trading range of $414.55 to $696.44 U.S.
Tuesday morning, however, the stock tailed off $8.02, or 1.2%, at the open to $675.83 U.S.
Amazon shares have been on a tear since early February, surging about 45%. Amazon is now back in breakeven territory for the year, and less than 2% below the all-time high it hit in December.
Warren Buffett is a big fan of the company too apparently -- even though his Berkshire Hathaway company does not own the stock.
Buffett went out of his way several times to praise Amazon and CEO Jeff Bezos during Berkshire's annual shareholder meeting on Saturday.
Amazon's triple-digit P/E ratio probably scares off Buffett -- who is a consummate value investor.
But he is willing to admit how successful Amazon is -- especially since it would appear that much of that success is coming at the expense of Walmart, which is one of Berkshire's biggest investments.
Amazon passed Walmart in market value for the first time ever last July. It is now worth about $320 billion U.S. -- nearly $110 billion more than Walmart.
Analysts think Amazon has a lot more room to run too. The consensus price target is just shy of $800 U.S. a share. That's almost 20% higher than current levels.
