Shares of Apple Inc. (AAPL) made a big move higher on Friday, snapping a three-session losing streak, the longest such stretch in nearly 4 months. The stock soared more than 3% to $128.95, crashing through the top of its 1½-month regular trading range of $123.59 – $125.90. It was ticker’s biggest one-day percentage gain since Jan. 30
AAPL began trading at $126.10 to finish the session up $3.80 from the prior days close of $128.95. The name was the biggest point gainer among Dow components on Friday. The strong start was quickly extended bringing first level resistance into play at $130.95. On an intraday basis ticker got as low as $125.30 and as high as $130.13. Trading volume was heavy with the issue trading 58.5 million shares, 6 million higher from its three-month daily average.
On valuation measures, Apple shares are currently priced at 17.46x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 28.28x earnings multiple. The company’s current year and next year EPS growth estimates stand at 39.10% and 7.50% compared to the industry growth rates of (1.90%) and 2.40%, respectively. AAPL has a t-12 price/sales ratio of 3.65. EPS for the same period registers at $7.39.
Apple shares have advanced 3.78% in the last 4 weeks and 10.50% in the past three months. Over the past 5 trading sessions the stock has lost 1.02%. Shares of Apple Inc. are up 55.50% year-over-year and 17.28% year-to-date.
The Cupertino, Calif.-based tech giant, which is currently valued at $751.10 billion, has a median Wall Street price target of $147.50 with a high target of $195.00.
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