Amazon (AMZN) revealed its plans to hire 125,000 local employees throughout the U.S. in addition to the recently-announced hiring of 40,000 people for corporate and technology jobs.
Shares of the online retailer with an additional focus on cloud computing, digital streaming, and artificial intelligence have gained around 12% over the past six months. (See Amazon stock charts on TipRanks)
Markedly, the available jobs in fulfillment and transportation will offer an average starting wage of over $18 per hour, going as high as $22.50 per hour in certain locations.
On top of this, Amazon is offering sign-on bonuses of up to $3,000 in some locations, as well as a range of comprehensive benefits equivalent to $3.50 per hour to its full-time employees. The benefits will include health care coverage, vision and dental insurance, 20 weeks paid parental leave, and Amazon’s Career Choice program, which includes payment of full college tuition for its front-line employees, among others.
Amazon is the biggest job creator in the U.S. Further, according to a recent survey by LinkedIn, it is the highest-ranked company where Americans wish to work and pursue their careers.
The newly-created jobs will aid the operations of 100 new buildings launching this month. Year-to-date, Amazon has already launched more than 250 new fulfillment centers, sortation centers, and other facilities across the U.S.
Markedly, Amazon has hired more than 450,000 people in the U.S. since the start of the COVID-19 pandemic and has also promoted 10% of its hourly employees who were with the company for over six months.
On September 15, Amazon is hosting its annual Career Day, a free virtual recruiting event that also offers individuals career-coaching sessions.
Dave Clark, CEO of Worldwide Consumer at Amazon, commented, “We take our responsibility as an employer seriously and want our employees to succeed and thrive.”
He further added, “Whether you’re looking for a short-term job to make money for the holidays or a long-term career, you’re welcome here, and we look forward to having you on our team.”
Following the announcement, Evercore ISI analyst Mark Mahaney increased the price target on Amazon from $4,200 to $4,700 (36.2% upside potential) and reiterated a Buy rating.
Consensus among analysts is a Strong Buy based on 32 unanimous Buys. The average Amazon price target of $4,225.13 implies 22.5% upside potential to current levels.
AMZN scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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