Is Amazon stock a buy as it tries to regain its mojo in a post-pandemic world?
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In many ways, Amazon (NASDAQ:AMZN) became the corporate face of the pandemic, as locked-down consumers turned to the online retailer to get the supplies they needed during COVID. However, the stock has had trouble maintaining momentum now that the economy has restarted. Is AMZN stock a buy as the company looks for further expansion in a post-pandemic world?
Stalled Momentum in a Post-Pandemic Economy
Amazon (AMZN) saw a tremendous rally during 2020, as the company captured a spike in pandemic demand. From a level below $1,680 in March of that year, the stock reached nearly $3,500 by late August. With a further tick higher in mid-2021, AMZN reached a 52-week high of 3,773.08.
However, from around July until the end of 2021, shares generally held to a trading range, as AMZN failed to join most of its fellow megacaps in a surge in the second half of the year, as you can see from this chart.
AMZN showed a flat performance from the end of July until Dec. 31. During the same period, the S&P 500 posted a gain of 9%. Meanwhile, Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) showed gains around 20%, while Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) rose around 7%. 
After this lackluster performance, AMZN suffered with the rest of the market during January, reaching a 52-week low of $2,707.04 late in the month. Shares have bounced off that level recently, helped by a well-received earnings report released in early February. That update showed the company beating expectations with its operating income and announcing a price hike for its popular Prime service.
The earnings news spurred a rally of nearly 14% on Feb. 4. However, the stock has had trouble following up on that advance, remaining subdued in recent weeks amid general market uncertainty. AMZN closed Tuesday at $3,003.95
Shares remain well above their levels of March 2020, holding a large chunk of the gains it made during the pandemic. Still, AMZN would require a rally of about 25% from its current levels to regain its July highs, much less push into uncharted territory above that. Given the current state of investor caution, has AMZN become a buy at these levels?
Is AMZN a Buy?
Some of Wall Street's highest-profile players see distinct value in AMZN shares. For instance, Dan Loeb, famed activist investor and head of the hedge fund Third Point, reportedly sees the company having about $1T in untapped value. This stems from the firm's well-known e-commerce business, as well as its Amazon Web Services cloud division.
At the same time, Greenview Capital has expanded its holdings in AMZN.
Looking at the Wall Street community as a whole, there is a universal bullish sentiment among published analyst opinions. Of the 50 analysts surveyed by Seeking Alpha, all of them have a Buy or Strong Buy rating on the stock. The average price target sits above $4,125 -- which would set a new high and represent a rally of more than 37% from current levels.
Quantitative measures paint a more restrained picture. Seeking Alpha's Quant Ratings view the stock as a Hold, with an A+ rating for profitability but mediocre B- grades for growth and momentum. Meanwhile, the stock receives an F for valuation, even with the steep decline it suffered in January.

For a bearish perspective on AMZN, read a report prepared by SA contributor Oleh Kombaiev, who feels the correction has further to go before the stock becomes attractive. Meanwhile, fellow contributor Cappuccino Finance has a more bullish view, arguing that the company is growing "in the right places."