The stock of Apple Inc. (NASDAQ:AAPL) is now priced at $129.04 and the shares are 4.23 points up or 3.39% higher compared to its previous closing price of $124.81. The stock had 226 million contracts set over the past session. AAPL shares’ daily volume is compared to its average trading volume at 158 million shares. However, it has a float of 4270 million and although its performance was 2.53% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the AAPL share price recently placing at $126 to $131. However, some brokerage firms have priced the stock below the average, including one that has called $78.5.
The shorts are running away from the Apple Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the AAPL shares have declined. Short interest in the stock represents just 0.55% of its float, but the volume has dropped by -2843623. The volume of shorted shares dropped to 23.659 million from 26.502 million shares over the last two weeks. The average intraday trading volume has been 44.401 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Apple Inc. (NASDAQ:AAPL) raised by $3.18 over the week and gained $20.1 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $131. The stock recorded its established 52-week high on 08/31/20.
Since 09/03/19, the stock has traded to a low of $51.06 at 152.75%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.26. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Apple Inc.’s two-week RSI is 78.74. This suggests that the stock is oversold at the moment and that AAPL shares’ price movement remains not stable. The stochastic readings are equally revealing at 83.71% meaning the AAPL share price is currently in oversold territory.
The technical chart shows that the AAPL stock will likely settle at between $131.36 and $133.68 per share. However, if the stock dips below $126.36, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $123.68.
Currently, the stock is trading in the green of MACD, with a reading of 2.46. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Monness Crespi & Hardt though raised target price of AAPL stock from $117.50 to $144 but maintained Buy recommendation in their August 31 review. Wedbush analysts see the stock as a Outperform, but they also raised the share’s target price from $515 to $600 in a flash note released to investors on August 26. Cowen analysts see the stock as Outperform. Nonetheless, the analysts revised the share prices up on August 25, placing it at $530 from $470.
The average rating for the AAPL equity is 1.97 and is currently gathering a bullish momentum. Of 39 analysts tracking Apple Inc. polled by Reuters, 9 rated AAPL as a hold. The remaining 30 analysts were split evenly. However, the split wasn’t equal as a majority (26) rated it as a buy or strong buy. 4 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the AAPL stock price is 8.31X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 39.1 above the group’s average of 37.3. Apple Inc. has its P/E ratio at 30.5, which means that the stock is currently trading at a premium relative to the 17.2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Apple Inc. (NASDAQ:AAPL) will increase by about 6.89%, which will see them reach $63500 million. The company’s full-year revenues are, however, expected to increase by about 5.03%, up from $260000 million to $273000 million. AAPL’s expected adjusted earnings should drop almost -7.59% to end up at $2.8 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 9% to record $12.96/share.