One can understand the sentiment that investors have missed out on Amazon (NASDAQ: AMZN). After a massive sell-off in 2022, the stock has risen by over 60% this year. Moreover, investors reacted positively to the recent earnings release for the third quarter of 2023, which further added to the buying.

And yet, Amazon stock still sells at a 30% discount from its 2021 high. Should investors take that as a sign that they should buy? Let's take a closer look.

In many respects, Amazon is an enigma, and the Q3 2023 earnings report confirms that.

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Source Fool.com