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Is Apple Stock A Buy Right Now
Apple stock has been popular with investors for some time now. When Apple holds its Apple Events, the news emerges for days as investors and enthusiastic customers of the Cupertino brand want to know what products the company will announce next. . Being a favorite stock does not make it immune to pullbacks and price declines. Recently, Apple’s stock has rebounded significantly. Here’s why and where investors can expect the stock to go.
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For years, Apple stock consistently outperformed expectations, and it seemed like its stock price would never drop. However, a decision in late September 2022 to delay plans to increase iPhone production has put off investors. The news was announced on September 28, 2022 and caused the stock price to drop as low as $144.84 at one point during the trading day. However, the stock closed at $149.84, gaining just over $2 in price on the day.
Looking at the short-term trend, it is clear that the value of Apple stock is constantly falling. Apple’s stock price started at $157.96 on September 1, 2022 and ended the month at $138.20 on September 30, 2022. On September 7, 2022, Apple announced the release of the iPhone 14, which increased the price stock to $155.96 last day.
Investors were optimistic but apparently disappointed by the iPhone’s annual unveiling. The stock lost nearly $20 per share over 30 days, a significant drop in value. Apple is down 19% for the year compared to the 23% decline experienced by the S&P 500. Barring a major market decline, Apple stock is poised to perform well for the rest of the year.
Apple is also moving some of its manufacturing capacity out of China and into India, an attempt to protect itself from political instability. It expects to have 5% of its production capacity operating in India by the end of 2022. The long-term goal is to have 25% capacity operating in India by 2025. This is a A big shift in production, especially with the iPhone available. manufacturing has been in China since its inception.
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Stock analysts seem to be unaware of Apple’s current issues. They feel that the demand for the iPhone 14 is strong and that the technology company will continue through the recent decline in value.
Apple’s fiscal year end was September 24, 2022, but the conference call to discuss fourth quarter fiscal results will be held on October 27, 2022. The latest information is for the third quarter of fiscal year 2022.
The company reported revenue (record) of $83 billion for the third quarter of fiscal year 2022, up 2% year over year. The highest value of the NH sector was 1.20 US dollars. Apple paid a quarterly cash dividend of $0.23 per share of common stock. Its net product sales were $63.35 billion at the end of the third quarter of fiscal year 2022, a slight year-over-year decrease from the $63.94 billion reported for 2021. Apple’s service net sales were $19.6 billion, up from $17.48 billion. the previous year. After accounting for expenses, operating expenses, operating income and provisions for income taxes, Apple’s net income was $19.44 billion, down slightly from $21.74 billion for the same quarter a year before that.
Apple reported net income of $79.08 billion for the nine months ended June 25, 2022, up from $74.12 billion for the same nine months to June 26, 2021.
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At the end of the third quarter of fiscal year 2022, Apple reported that it had $27.5 billion in cash and cash equivalents, $20.72 billion in marketable securities, and $21.8 billion in net accounts receivable. Its deposits were $5.43 billion, the seller’s non-trade receivables of $20.43 billion, and other current assets of $16.38 billion for a total of $112.29 billion in current assets. Apple reported total assets of $336.3 billion for the end of the quarter.
Its current liabilities for the period include $48.34 billion in accounts payable, other current liabilities of $48.81 billion, deferred revenue of $7.72 billion and other liabilities for total current liabilities of $129.87 one billion. Its total outstanding debt was $148.32 billion, and its total liabilities were $279.2 billion.
Lack of sales of entry-level iPhone 14 models is the main reason Apple stock fell. In response to poor sales, Apple cut production of the low-end models by six million units for the second half of 2022. The move to cut production is highly unusual and could indicate that the popularity of the Fair iPhone among customers around. the universe. It’s not yet clear whether this is a problem for Apple or a sign of buyer fatigue.
Smartphone technology has stabilized over the last few phone release cycles, and consumers aren’t as eager to get a new phone every year as they once were. They keep their phones longer because older phones are still durable and can be used longer than ever before.
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Another possible reason for poor sales is that the consumer’s ability to justify the $799 iPhone 14 has eroded. The iPhone 14 Pro, the flagship model in the line, starts at $999. The cost of the latest iPhones is reasonable for a flagship phone, but consumers don’t seem to be buying in Europe or China. Apple and its suppliers were poised for a 7% increase in orders thanks to an update to Apple’s sales forecasts. Those sales didn’t materialize, forcing Apple to lower its sales projections to the projection of 90 million units — roughly the same number of units sold in 2021.
Every business has a downturn at some point, and Apple is not immune to changes in fortunes. Only time will tell if this is a short-term issue or if Apple will enter a long-term phase of slower growth. The good news is that the services side of Apple’s business model continues to perform well, which should help offset a decline in new phone sales. But it remains to be seen how much or how long they can support the industry. It is certain that Apple is here to stay and they will continue to produce electronics that are required for their quality, usability and understanding as a status symbol.
Apple will undoubtedly be part of the tech cluster, one of the sectors expected to be at the forefront of our inevitable economic revolution. While we never recommend trying to beat the market, the Rally Tech Investment Kit is available at Q.ai. Our artificial intelligence scours the markets for the best investments for all risk tolerances and economic conditions.
For access to AI-powered investment strategies. When you deposit $100, we will add an additional $100 to your account.Apple (AAPL) – Get Free Report shares ended last week on a strong note and started this week on one as well.
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Shares soared higher and rose about 3.5% in Monday trading. However, the current high was $515.14
Keep in mind, Apple is no slouch when it comes to stock market gains. The stock is working on its fifth daily and weekly gain.
At Monday’s high, shares were up more than 11.25% over the past three trading sessions and were up more than 44% from last month’s July 24 low. For a stock with a market cap of $2.1 trillion, the move is pretty impressive.
That said, there are and may be better times to buy Apple stock than the present.
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I wasn’t heavy on Apple in mid-July, but signs of the stock were declining after a powerful run. When shares fell to $355, it was close enough to our $350 price target to fulfill the expectation of a correction.
When the stock hit new highs later that month on better-than-expected earnings results, our sights went up. Specifically, I was looking for a test of the two-time range extension up near $440.
The $440 level was resistance for a few days before becoming support. After the recent meltdown, Apple stock soared higher.
The stock is not holding the 261.8% expansion and the $500 level. I’m in no rush to short the biggest and possibly strongest stock in the market. But bears now have a measured risk/reward level with Monday’s rise near $515, should they choose that path.
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Above that mark and Apple stock can continue to push higher, which could put the three-time range extension near $554.
On the downside, I would expect a slight pullback to the $470 to $480 range, where Apple will find uptrend support (blue line). Below that and the 20-day moving average and $440 level will be in place.
Note that this is not a bearish call that sounds an alarm bell. Apple stock is understood to be overbought according to the
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