E-commerce panic sends Amazon to a new 52-week low. Is it time to buy?
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Online retailing giant Amazon (NASDAQ:AMZN) plunged to a new 52-week low amid a general panic in the e-commerce space. A spate of troubling earnings reports from some of the industry's highest-profile players sparked a general decline in the sector last week. 
Meanwhile, the company has faced ongoing pressure from unionization efforts, while the stock has undergone a valuation contraction over the past several months, as interest rates rise. Is it time to buy AMZN despite worries about ongoing inflation, the health of the consumer and the ongoing union battle?
E-commerce Meltdown
Amazon (AMZN) saw a massive surge in demand during the early days of the pandemic, a fact that fueled a massive rally in its share price. The stock climbed from under $1,700 as the COVID lockdowns got underway in March of 2020 to an eventual high of $3,773.08 in the middle of 2021.
The stock flattened out for most of the rest of last year before suffering selling pressure starting in November. The decline intensified in early 2022, as fears of higher interest rates put pressure on high-valuation stocks.
While the online retailer attempted to stabilize in March, experiencing a few weeks of upward momentum, the selling has returned in recent weeks. The stock was spurred lower last week by a series of poorly received earnings reports from the online retailing sector.
This started with AMZN itself, which unveiled a disappointing quarterly update of its own late last month. In the update, the company missed expectations with its Q1 results and issued a weak forecast. 
The online retailer faced tough comparisons with the pandemic-inflated results seen last year. At the same time, it reported worrying trends about the consumer. For example, in its post-earnings conference call, executives mentioned the word "inflation" 23 times.
The earnings report prompted a massive sell-off in AMZN shares. The stock plunged nearly 14% the day following the release -- its biggest one-day drop since 2006. Shares also fell to a new two-year low.
The stock seemed to find its footing over the next few days but stumbled again last Thursday amid one of the worst days on Wall Street since the pandemic. AMZN dropped another nearly 8% amid widespread selling that sent the Nasdaq lower by 5%.
The general retreat was in part triggered by worries about the consumer. This followed a wave of disappointing reports from e-commerce sector. Etsy (ETSY), eBay (EBAY), Wayfair (W) and Shopify (SHOP) all plummeted following the release of their respective quarterly report.
The pullback has continued this week, taking AMZN to a new low of $2,143.42, set in the middle of Tuesday's action -- a level not seen since April of 2020. The stock has fallen about 36% since its closing price on April 4.
Is AMZN a Buy?
Despite its recent struggles, Wall Street remains extremely upbeat about Amazon's (AMZN) long-term prospects. Of the 53 analysts surveyed by Seeking Alpha, 51 give the stock a bullish rating. This includes 37 Strong Buy recommendations and 14 Buy opinions. 
Of the remaining analysts, one offers AMZN a Hold rating. A sole Wall Street expert sees the stock a Sell.
Quantitative measures suggest a murkier outlook. Seeking Alpha's Quant Ratings give AMZN an A+ for profitability and a B- for growth. However, the stock gets a C for momentum and a dismal F for valuation.

For a bullish look at the stock, read SA contributor Eric Sprague's deep dive, which argues that AMZN has become undervalued despite its challenges. Meanwhile, fellow SA contributor Victor Dergunov provides a more cautious perspective. He argues that AMZN "is what worries me about the economy."