Just a few months ago Apple was riding a high wave, back in May the stock was at a all time high and then in August Apple was named the most valuable company in the world. A few months later an Apple engineer said that Apple had hit it’s peak. Seems like the Engineer could be on to something. Since the release of the iPhone 5, Apple stock has dipped an amazing 25%. That can’t be good since Apple has release a slew of devices since the iPhone 5.
“Investors had believed Apple would take over the world, management was flawless, its products were in infinite demand and competition couldn’t make a dent,” DoubleLine Capital portfolio manager Jeffrey Gundlach told USA Today. “People overbelieved in Apple.” DoubleLine is currently short Apple shares.
One might assume, in that scenario, that it will climb back up to somewhere between its current low and its previous high. Right now, it’s trading at the lowest price since May, six months ago, as noticed by 9to5Mac. The stock price is around $529 at the time of publication, and its market cap is at $499 billion. In August, the company became the most valuable company in the world when its market cap hit $621 billion on a stock price of $663. It closed just above $702 in September.