With the current price of $473.1, the stock of Apple Inc. (NASDAQ:AAPL) concluded the trading session seeing its price rise by 10.27 points or at a gain of 2.22% compared to its previous day’s closing price of $462.83. About 31.727 million shares of the stock changed hands on the day. The trading volume of AAPL’s shares during the past session compares with the stock’s average daily trading volume of 36.722 million shares. On the other hand, a float of 4270 million shares and a weekly performance of 2.84% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $425.17 for AAPL’s share which suggests that the stock, price of which is currently buoying between $462.934 and $473.568, is prone to a loss of -10.13%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $314 to the stock.
The latest data released on July 31, 2020 shows that the short float in the Apple Inc.’s stock is trending downward as short interest in AAPL shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the AAPL is currently comprised of 0.62% of the float as the volume of shorted shares declined by -8732229 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 26.502 million shares from the previous figure of 35.235 million shares. Stock’s average intraday volume is now standing at 27.919 million shares which indicate that the days to cover the shorts are nearly 1.
After concluding the day’s trading, price of Apple Inc. (NASDAQ:AAPL) is up $13.06 over the week and it is $101.72 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $473.57 that was attained on 08/20/20.
The stock has traded as low as $201 in past 52-week, and its current price is 135.37% above from that 52-week low price mark recorded on 08/23/19, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 1.23. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 74.14 as 14-days RSI of Apple Inc. This means that the AAPL is currently in an oversold territory and its share’s price movement is likely to be shaky for a while. Similarly, the stochastic oscillator is indicating a momentum of 95.88%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $476.8 for the AAPL’s share while placing it at a 2nd resistance point of $480.5 to be settled at. But if the stock takes a plunge lower than the 1st support price of $466.17 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $459.23.
MACD oscillator is showing a reading of 8.65 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Wedbush maintained its Outperform recommendation for AAPL stock in a review note dated August 10, but moved the price target up from $475 to $515. The stock gets its recommendation downgraded from Buy to Neutral from the analysts at BofA Securities who assigned a target price of $420 to $470 in their August 05 note to investors.Wedbush analysts reiterated their recommendation of Outperform rating for the stock on July 31 while suggesting a price target of $475 which previously was $450.
The average rating of 1.97 for AAPL is placing the stock in bullish category at the moment. In a poll by Reuters including 40 analysts in it who kept tracking the Apple Inc., 9 rated the stock as hold. Others were in different opinions for the AAPL. Out of remaining 31 analysts, 27 rated the stock as a buy or strong buy. 4 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that AAPL stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 30.43. Stock’s current price-to-sales (P/S) ratio of 35.9 is in front of industry’s average P/S ratio of 34.4. A comparison of Apple Inc.’s trailing 12-months P/E ratio of 28 implies that it is trading above the industry’s average P/E ratio, which currently is 15.8.
Projection by Zacks Consensus Estimates suggests that Apple Inc. (NASDAQ:AAPL) will see its current-quarter revenues rise by nearly 7.65% to be increased to about $64000 million. Full-year revenue of the company is however forecasted to be increased by nearly 5.22% to bring $274000 million in revenues against last year revenue of $260000 million. Earnings, after adjustments, are likely to fell by -6.27% to post an EPS of $2.84, while estimate for company’s full year earnings is $13 per share with a growth rate of 9.34%.